On August 18, Carvana Co. fell 3.35% in regular trading, trading at $68.3/share with turnover of $79.63 million, ending a prior two-day rebound that had seen gains exceeding 3%.

The decline comes amid sustained pressure from multiple analyst downgrades. BNP Paribas cut its price target from $86 to $69 while maintaining a Neutral rating, Evercore ISI lowered its target to $75 from $86 with an In Line rating, and Bank of America reduced its target from $88 to $75. The current share price has now fallen below BNP Paribas's revised target. Trading volume shrank significantly compared to the rebound period, signaling weakening capital participation.

The downgrades followed Carvana's Q2 earnings report, in which revenue surged 52% year-over-year to $7.38 billion and EPS of $0.42 beat estimates, but full-year adjusted EBITDA guidance of $2.7-3.0 billion disappointed some Wall Street expectations. The company also recently completed a $1.66 billion term loan B refinancing at SOFR plus 225 basis points to retire its 9.00% senior secured notes, lowering debt costs.

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