Carvana: from near-collapse to the 2023 rally, in the short data
Short interest in the online car retailer through the 2022 fall, the bankruptcy fears of that winter and the debt restructuring and rally of 2023, from FINRA's figures.
- Start
- 7.91% (14 Jan 2022)
- Peak
- 29.44% (13 Jan 2023)
- Low
- 7.80% (31 Jan 2022)
- End
- 18.87% (29 Dec 2023)
Figures are the short interest as a percentage of shares outstanding, from FINRA data, 48 points between 14 Jan 2022 and 29 Dec 2023.
What the data showed
Carvana began 2022 with 7.91% of its shares outstanding reported short. As used-car prices fell, losses widened and its bonds traded at distressed levels through the autumn, the position grew, reaching 29.44% on 13 Jan 2023: one of the most heavily shorted large companies of that winter.
The company is a multi-class filer, with Class B shares held by its founders alongside the listed Class A shares; the denominator here is the total across both, as stated on its own filings, so the percentage understates the share of the listed line that was sold short.
The 2023 rally
From the spring of 2023 the shares rose many times over as results improved and the company agreed a restructuring of its debt with bondholders in July. The reported short position fell through the year as positions were covered, ending the window at 18.87% on 29 Dec 2023.
Days to cover peaked at 6.73 days on 28 Apr 2023.
Full history and today's figure: Carvana Co..
About this page
US short interest data: FINRA (finra.org). FINRA® is a registered trademark of the Financial Industry Regulatory Authority, Inc. This site is not affiliated with or endorsed by FINRA or the SEC; displayed for personal reference, bulk redistribution is not permitted (see terms). The narrative describes what the published figures showed and widely reported public events around them; it is not a description of any company's prospects and is not investment advice.