Carvana's Upbeat Q2 Revenue and bluebird bio's Bullish View Drive Momentum
- July 19th, 2023
- 257 views
Shares of Carvana Co. (NYSE: CVNA) experienced a significant surge of over 20% in pre-market trading following the company's announcement of its best quarter ever for adjusted EBITDA and total gross profit per unit.
Carvana reported second-quarter 2023 revenue of $2.97 billion, surpassing consensus estimates of $2.59 billion. Notably, the total gross profit per unit (GPU) showed an impressive year-over-year increase of 94%, reaching $6,520.
The company also revealed that its adjusted EBITDA for Q2 reached $155 million. Moreover, Carvana expressed confidence in achieving positive adjusted EBITDA for the second consecutive quarter in the third quarter of 2023.
$CVNA was trading at $48.00 in pre-market, up $8.20 (+20.60%).
In other news, BofA Securities has upgraded bluebird bio, Inc. (Nasdaq: BLUE) from Neutral to Buy and raised the price target from $6 to $10.
With $BLUE closing at $3.15 on Tuesday, the upgraded price target indicates a potential upside of $6.85 or approximately 217.46%, according to the financial advisory firm's view.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)
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