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Carvana stock tanks in continued sell-off

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A Carvana used car “vending machine” on May 11, 2022 in Miami, Florida.
Joe Raedle | Getty Images

Shares of Carvana

Carvana stock posted its worst day ever Friday after the company missed Wall Street’s top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus pandemic.

Volume spiked on the beaten-down used car seller name Monday. In just the first 22 minutes of trading, more than 9.2 million Carvana shares had exchanged hands. That’s more than 65% of the stock’s 30-day average volume of 14.14 million.

-CNBC’s Fred Imbert contributed to this report.

This is a developing story. Please check back for additional updates.

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