Why Carvana Stock Was Gaining Again Today

Shares of Carvana (NYSE: CVNA) were moving higher for the third day in a row after the company delivered better-than-expected results in its first-quarter earnings report last week, which kicked off a short squeeze that appears to be continuing. After gaining 24% last Friday and 26% on Monday, shares of the online used-car dealer were up 4.5% as of 1:40 p.m. ET, though they rose as much as 17% earlier in the session, showing volatility in the stock continues. Roughly 40 million shares of Carvana had changed hands as of 1:40 p.m. ET, nearly triple its trading volume over the last three months, a sign that short-sellers may be being squeezed; 69% of the float was sold short as of mid-April.