Tempe, Arizona-based Carvana’s shares jumped on Friday after several equity analysts upgraded their stock forecasts on the leading used-car retailer.
Shares of Carvana (NYSE: CVNA), an online car buying and financing platform, jumped 11% Friday morning after the market digested a solid fourth-quarter result and a strong upgrade from Morgan Stanley analyst Adam Jonas. Carvana has been no stranger to impressive growth figures in recent years, and the fourth quarter -- amid a pandemic that accelerated Carvana's buy-online approach with consumers -- was no different. Carvana's growth and network expansion hasn't come cheap, and the company's net loss increased from $126 million in the prior year to $155 million during the fourth quarter.
CVNA earnings call for the period ending December 31, 2020.