Alpine Global Management LLC increased its stake in Carvana Co. by 3,553.1%. The auto retailer is now the firm's fourth-largest holding. Institutional investors currently own 56.71% of the company's stock.
Carvana launched its New Car Experience Paradise concept in Dallas. The company is also acquiring seven Stellantis dealerships to enter the new car market. Analysts suggest this expansion increases the addressable market and indicates the stock is undervalued.