Amid increasing fears of a recession and falling used car prices, online used car dealer Carvana Co. (CVNA) posted weaker-than-expected third-quarter earnings.
Moreover, the company laid off 1,500 employees as it was facing a "cash crunch" due to its high debt burden and rising interest rates. Bank of America analyst Nat Schindler recently cut his price target of the stock to $10 from $43 and lowered his rating from “buy” to “neutral.”
