JPMorgan Sticks With Outperform Call on Carvana Despite Short-Seller Report [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
Carvana stock dropped for the second day in a row after Hindenburg Research disclosed a short position in the company. However, JPMorgan analysts said their own research into Carvana hasn't revealed any "red flags." The concerns raised about auto-industry loan defaults are not new and demand for used cars is strong, the analysts said. Carvana ( CVNA ) shares continued their slide Friday after short-selling firm Hindenburg Research declared a short position in the company, but JPMorgan analysts stuck with their "overweight" call on the used-car retailer. JPMorgan wrote Friday that its own research on Carvana “has not suggested any red flags" regarding the company. The Hindenburg report sounded alarm bells about the company's gross profit per unit and practice of selling consumer auto loans to third parties. Specifically, the hedge fund claimed to have uncovered $800 million in loan sales to an unidentified “related third party" and said that nearly 26% of the company's gross
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JPM
Earnings
- 10/14/24 - Beat
JPM
Sec Filings
- 1/6/25 - Form 424B3
- 1/6/25 - Form 424B2
- 1/6/25 - Form 424B2
- JPM's page on the SEC website