Shares of online used car dealer Carvana (NYSE: CVNA) fell 11% in the afternoon session after short seller Hindenburg Research published a report accusing the company of “accounting manipulation and lax underwriting.” In response, Carvana called the report “intentionally misleading and inaccurate.”
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Carvana’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. But moves this big are rare even for Carvana and indicate this news significantly impacted the market’s perception of the business.
Carvana is down 9.1% since the beginning of the year, and at $181.32 per share, it is trading 30.5% below its 52-week high of $260.80 from November 2024. Investors who bought $1,000 worth of Carvana’s shares 5 years ago would now be looking at an investment worth $1,955.
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