What's Going On With Carvana Stock On Thursday?

Carvana Co. (NYSE:CVNA) is jumping on Thursday due to a stock split and a larger authorized share count. The move also stands out on a day when market breadth is soft (only 3 sectors advancing), and small-caps are lagging, suggesting the tape is being driven by company-specific positioning rather than a broad risk-on bid. Carvana shareholders previously approved a 5-for-1 stock split and an increase in authorized shares, with the changes effective May 7, 2026. Stock splits don't change the underlying business, but they often change trading dynamics by lowering the per-share price and increasing share count. Earnings Snapshot Last week, Carvana reported first-quarter revenue of $6.43 billion, beating analyst estimates of $6.08 billion, according to Benzinga Pro. The company reported first-quarter earnings of $1.69 per share, beating estimates of $1.50 per share. Carvana expects a "sequential increase" in both retail units sold and adjusted EBITDA in the second quarter. The company noted that it remains on track to deliver "significant growth" on both metrics in 2026. Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price target of $97.03. Recent analyst moves include: DA Davidson: Neutral (Raises Target to $67.00) (May 1) RBC Capital: Outperform (Raises Target to $92.00) (May 1) Citizens: Market Outperform (Raises Target to $103.00) (May 1) Talking about earnings, BTIG analyst said, "Looking ahead, CVNA vaguely guided to sequential increases in units and Adjusted EBITDA and reiterated expectations for significant growth for both metrics on a y/y basis." He raised the second-quarter estimates for adjusted earnings, unit sales & revenues. Needham analyst said the results were proof of Carvana's model working, with higher retail units driving operating expense leverage. He added, "CVNA continues to screen as the best large cap growth story in our coverage ahead of a long tail of growth in units and fixed cost leverage." Top ETFs Holding Carvana (CVNA) and Their Impact T. Rowe Price Blue Chip Growth ETF (NYSE:TCHP): 3.95% Weight Nuveen ESG Mid-Cap Growth ETF (BATS:NUMG): 3.51% Weight SPDR S&P Retail ETF (NYSE:XRT): 1.55% Weight Significance: Because CVNA carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. CVNA Price Action: Carvana shares were up 402.47% at $391.30 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data. Photo via Shutterstock