Carvana Co (NYSE:CVNA) shares are surging Tuesday on above-average volume.
Carvana's average session volume over a 100-day period is about 11.6 million, according to data from Benzinga Pro. Tuesday's trading volume has already exceeded 15.8 million at press time. Carvana was the top trending ticker on Stocktwits at press time.
Needham analyst Chris Pierce maintained Carvana with a Buy rating on Tuesday and lowered the price target from $80 to $31. Wedbush analyst Seth Basham maintained Carvana with an Outperform rating and lowered the price target from $90 to $50.
Carvana shares may also be catching a boost as growth stocks trade higher amid a drop in yields. Lower rates increase the present value of future cash flows, which can positively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 2.824% at press time.
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CVNA Price Action: Carvana has traded between $376.83 and $19.80 over a 52-week period.
The stock was up 25.1% at $27.33 at time of publication.
Photo: Tony Webster from Flickr.
