Business & Finance
Carvana Bears Reap $500 Million as Stock Sinks on Profit Miss
Key Points
Carvana Bears Reap $500 Million as Stock Sinks on Profit Miss The slump in the shares of online used-car dealer Carvana Co. on Thursday is creating a potential windfall for investors who have been bearish on the stock. The stock sank about 7%, the worst loss since mid-June.
Carvana Bears Reap $500 Million as Stock Sinks on Profit Miss
The slump in the shares of online used-car dealer Carvana Co. on Thursday is creating a potential windfall for investors who have been bearish on the stock.
The stock sank about 7%, the worst loss since mid-June. It was down as much as 15% at one point, after the firm released disappointing quarterly results and a dismal outlook. The slide put investors betting against the auto purveyor on pace to reap $500 million in mark-to-market profits, according to Matthew Unterman at S3 Partners. About 11% of Carvana’s free float is held short, according to S3.