Shares of used car retailer Carvana (CVNA) have been on an absolute tear this year. CVNA stock is up 650% in 2023, valuing the company at a market cap of $6.4 billion. Despite its monstrous gains, Carvana stock is still trading 90% below all-time highs.
Shares of Carvana listed on the NYSE in April 2017 at $11.10. A pandemic-fueled run drove share prices to over $350 in August 2021 before cooling off considerably. During the bear market last year, the stock fell to $4, wiping out significant investor wealth.
