reported the company’s largest creditors entered an agreement to act together when negotiating with the firm, seen by the market as a sign of increasing bankruptcy risk for Carvana.
That comes despite a relatively tame day for the rest of the market, with the S&P 500 and tech-heavy Nasdaq each falling less than 1%. Shares of Carvana—which was founded a decade ago—surged amid a spike in demand for used cars and at-home services, rising more than 300% from March 2020 to August 2021, but declining sales and negative profits plagued the company, with Carvana on pace to “run out of cash” by the end of next year, Bank of America analyst Nat Schindler wrote in a note to clients last week.
A headliner of the “pandemic darling” companies whose stocks surged as investors piled into firms well-positioned to profit off of stay-at-home orders, Carvana is far from the only such stock to tank recently after hitting all-time highs in 2020 or 2021. Shares of video communications company Zoom are down 88% from their peak, at-home fitness firm Peloton’s stock is down 93% from its high, shares of retail investing platform Robinhood have fallen 87% off of their peak and streaming provider Roku is down 89% from its high water mark.2022 has been a dismal year for nearly all equities as investors pile into safer assets amid growing recession fears, with the S&P’s 18% decline set to be its worst annual performance since 2008.
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