Market News

CVNA Falls despite Reaching Settlement with Illinois to Continue Selling

Shares of Carvana (NYSE:CVNA) fell today despite receiving some good news. The company announced that it will continue to operate in the state of Illinois after reaching a settlement with the Secretary of State. However, the license could be revoked again at any time should the firm violate the vehicle code.

Carvana had initially run into trouble with Illinois last year following a number of consumer complaints. The company appears to have difficulty complying with state requirements as it recently had its dealer license suspended in Michigan, though it can continue to operate there online.

Overall, Wall Street analysts have a consensus price target of $9.79 on CVNA stock, implying over 55% upside potential, as indicated by the graphic above.

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