Carvana Co.
3 activist/short documents on this target.
Timeline
2019-03-01
Spruce Point Capital · full deck
Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.
N4 V3
2023-06-15
Kerrisdale Capital · research note
Carvana is a poorly-run subprime used-car retailer buried under $6.5bn of debt; the recent 165% rally is a loan-sale mirage and the equity is worth zero.
N4 V3
2024-02-26
Kerrisdale Capital · research note
Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.
N4 V3