Carvana Stock Slips 16%, Downward Trend Continues

Shares of Carvana Co. (CVNA) are currently slipping nearly 16% on Thursday morning, as the used-car e-commerce company's downward trend continues. The company's stock seems to be impacted by second-quarter results of used vehicle retailer CarMax, Inc. (KMX), which reported a 50% drop in profit that was also below Street consensus.

CVNA is currently trading at $22.59, down $4.28 or 15.93%, on the NYSE. In the year-to-date period Caravan stock has nearly lost 90% of its market value. It has traded between $19.45 and $309.50 in the past 52-week period.

Carvana operates an e-commerce platform for buying and selling used cars in the United States. The company's platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.

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