10 Firms Post Strong Gains Amid Wall Street Bloodbath

7. Carvana Co. (NYSE:CVNA)

Shares of Carvana Co. rose for a second day on Tuesday, rallying by 5.03 percent to close at $198.35 apiece after analysts from RBC upgraded their stock rating to “outperform” from “sector perform” previously.

The company also raised the target price to $280 from $70 prior, signaling a more bullish outlook.

Earlier this week, Carvana reinstated an agreement to sell $4 billion of used car loan receivables to Ally Financial. This followed a report by research investment firm Hindenburg accusing Carvana of lax car loan underwriting practices, insider trading, and accounting manipulation to artificially inflate its bottom line.

While it acknowledged ownership of shares in the company, Hindenburg said it compiled 49 interviews with former Carvana employees.

The firm described the car retailer’s financial turnaround from the verge of bankruptcy in 2022 as a mirage, a claim that Carvana firmly debunked.