WASHINGTON (dpa-AFX) - Carvana Co. (CVNA) surged 13.76% on Thursday, closing at $454.78, up $55.01 on the day. The stock trades on the NYSE.
The sharp move higher came without any specific company news, suggesting the rally may be driven by investor optimism, broader market momentum in growth names, or short-covering activity.
Carvana opened at $409.77, hit a high of $471.49, and a low of $404.42 during the session. The stock's previous close was $399.77.
Volume was notably elevated at 3.7 million shares, compared with its average volume of 2.2 million, indicating unusually heavy trading activity.
The stock now trades near the upper end of its 52-week range of $25.09 to $497.50, reflecting its volatility and steep appreciation over the past year.
Carvana remains a closely watched name due to its high beta, improving fundamentals, and sensitivity to macro sentiment.
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