Carvana Slumps to 124th in Trading Volume Ranking Despite Bullish Outlook

On May 29, 2025, Carvana (CVNA) experienced a significant decline, with its trading volume reaching $667 million, marking a 40.63% decrease from the previous day. This drop positioned Carvana at the 124th spot in the day's trading volume rankings. The stock closed at $319.65, down 0.21% from the previous day's close.

Carvana has been recognized as a strong buy candidate by Zacks, with its earnings estimates for the current year increasing by 27.3%. The company's earnings are projected to grow by 78.25% in the coming year, from $2.85 to $5.08 per share. This positive outlook is supported by the company's recent expansion of same-day delivery services to the Denver area, which is expected to enhance its market presence and customer satisfaction.

Despite the recent downturn, Carvana's stock holds buy signals from both short-term and long-term moving averages, indicating a positive forecast. The stock is currently in an upward trend, with support levels at $307.66 and $259.27. However, there are some negative signals, including a sell signal from a pivot top point and the 3-month Moving Average Convergence Divergence (MACD).

For the upcoming trading day on May 30, 2025, Carvana is expected to open at $319.24, with a possible trading range between $305.92 and $333.38. The stock's high volatility and the current market conditions suggest that it may be prudent to wait for the stock to approach its support level before making any significant moves.