BUZZ-Hindenburg discloses short position in Carvana; shares rebound after falling
** Used-car retailer Carvana CVNA.N shares fell more than 5% in early morning trade before recovering to rise 1% to $205.45
** Hindenburg Research says it has taken a short position in co
** According to LSEG data, 9.85% of CVNA's float was sold short as of December 13
** "Our research uncovered $800 million in loan sales to a suspected undisclosed related party, along with details on how accounting manipulation and lax underwriting have fueled temporary reported income growth – all while insiders cash out billions in stock," the report said
** Carvana shares have soared 284% in 2024
** 9 of 24 brokerages rate the stock "buy" or higher, 14 "hold" and 1 "sell"; their median PT is $250
(Reporting by Abhinav Parmar in Bengaluru)
((Abhinav.Parmar@thomsonreuters.com;))
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