Could Carvana Help You Become a Millionaire?
(NYSE: CVNA) has likely minted some millionaires since its initial public offering. The online used vehicle marketplace went public at $15 on April 28, 2017, and its stock price skyrocketed to a record high of $370.10 on Aug. 10, 2021, during the apex of the meme stock rally. Those gains would have turned a $50,000 IPO investment into $1.23 million.
Carvana's stock initially surged as used car sales skyrocketed in 2021. Low interest rates further buoyed that market while driving investors to place bigger bets on speculative growth stocks. The bulls expected Carvana's online marketplace -- which set firm prices, simplified the financing process, and helped shoppers "get the car without the car salesman" -- to become the "Amazon of cars." It also generated a lot of media buzz with its vehicle "vending machine" towers.
Image source: Carvana.
Source Fool.com
Carvana Co. Stock
The stock is an absolute favorite of our community with 53 Buy predictions and no Sell predictions.
With a current price of 313.0 € Carvana Co. is right around the predicted target price of 313 €.
