5 Fastest Growing Auto Stocks to Buy

2. Carvana Co. (NYSE:CVNA)

1-year stock price growth as of October 20: 132.21%

Carvana Co. (NYSE:CVNA) is an Arizona-based online used car retailer. Despite having a rough year in 2022, the company recovered quite well and is now one of the fastest-growing auto stocks. Last year, Carvana Co. (NYSE:CVNA) was on the brink of bankruptcy as its stock price fell over 98.5% from its 52-week high by December due to rising borrowing costs and an increase in used car prices. However, in 2023, the company’s stock is up 132.21% in the last twelve months and 571.06% year-to-date as of October 20.

On September 16, Wedbush upgraded Carvana Co. (NYSE:CVNA)’s stock from Underperform to Neutral and raised its price target from $40 to $48. On October 20, the company was trading at a stock price of $31.07.

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