Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday.
Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that began on Friday, when the company posted its worst-ever one-day performance, dropping 39%. The plunge began following disappointing earnings due to lower-than-expected sales. Morgan Stanley analyst Adam Jonas on Friday pulled his $68 price target and said Carvana (CVNA) could be worth as little as $1 per share, citing the poor used-car market and volatile financial systems that “add material risk to the outlook.” Jonas’ replaced his earlier target with a base range of $1 to $40 per share.
The continued rapid fall prompted brief halts in trading through Monday morning due to market volatility.
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