Carvana stock price is up 228%, but a red flag just emerged [USA TODAY]
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Source: USA TODAY
One of the hottest stocks this year has been Carvana (NYSE: CVNA) , which has risen over 228% in 2024. The online auto retailer looked like it was on the brink of bankruptcy a couple of years ago, but it has engineered a solid turnaround. The company has been posting some strong quarterly results that have encouraged investors. However, a new red flag has recently emerged. Let's take a look at the used car sales specialist and why investors might want to avoid its stock at the moment. A rebound in the business Since its initial public offering, Carvana has been a divisive stock, loved by bulls and hated by bears. The company grew rapidly in its early days, expanding into new markets at a brisk pace. However, it was also burning through a tremendous amount of cash in the ramp-up process, leaving its balance sheet deep in the red. Burdened by a pile of debt, the company and its bondholders agreed last year to do a debt exchange that reduced $5.52 billion in unsecured notes to $
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