Hyperdrive
Carvana’s 2023 Rally Tops 100% as Options Fuel Meme-Style Frenzy
- Shares of the used-car retailer have more than doubled in 2023
- Company holds highest short interest among Russell 1000 stocks
A Carvana Co. car vending machine in Westminster, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Carvana Co. shares have doubled this year, and more head-scratching moves could be in store for the debt-strapped online used-car retailer amid bets the rally won’t last.
More than 266,000 call contracts on Carvana changed hands in New York Monday, the second-highest level ever and more than triple the average volume in the past 20 days, according to data compiled by Bloomberg. The shares closed with a 29% rally.