Carvana Co. (NYSE: CVNA) finished Tuesday’s regular session higher and then held steady in the first stretch of after-hours trading—an important “reset” day for a stock that’s been swinging sharply around its newly effective S&P 500 inclusion.
As of the after-hours update on Dec. 23 (4:41 p.m. ET): Carvana shares were $438.00, up 0.15% from the regular-session close of $437.35. [1]
Below is what happened after the bell today and what investors should keep on their radar before the market opens Wednesday, Dec. 24, 2025—a Christmas Eve session with an early close.
Carvana stock price after the bell: where CVNA stands now
Carvana stock closed at $437.35 on Tuesday and was slightly higher after-hours at $438.00 shortly after 4:40 p.m. ET. [2]
In the regular session, CVNA:
- Gained 0.87%
- Traded between $424.02 (low) and $437.73 (high)
- Logged about 2.31 million shares in volume [3]
That volume was notably lighter than Monday’s post-inclusion churn (and far below last Friday’s elevated rebalancing-style activity), which matters because CVNA can move quickly on thinner liquidity—especially during a holiday week. [4]
The big context: S&P 500 inclusion hangover and “sell-the-news” dynamics
A major driver of recent CVNA volatility has been the S&P 500 story—first the announcement, then the implementation.
- Carvana’s S&P 500 membership became official/effective on Monday, Dec. 22, according to coverage citing S&P Dow Jones Indices updates. [5]
- On that effective day, the stock fell 3.69% to $433.59, a move some commentary framed as the market having priced in the inclusion ahead of time. [6]
This pattern—strong run-up into a widely anticipated catalyst, then a pullback as the event becomes “old news”—is common in index-inclusion trades. The key for Wednesday is whether CVNA continues to stabilize now that the forced/passive buying associated with rebalancing is largely in the rearview mirror.
For longer backdrop, Reuters previously highlighted how dramatic the turnaround has been, noting Carvana’s market value surge and elevated valuation metrics versus legacy automakers around the S&P 500 addition news cycle. [7]
Today’s Carvana headlines: what changed on Dec. 23
1) Evercore ISI nudges price target higher, keeps a neutral stance
One of the notable “today” items: Evercore ISI raised its price target to $425 from $420 while maintaining an “In-Line” rating, per reports aggregating the note. [8]
This is significant less for the size of the move (it’s small) and more because it reinforces the current Wall Street split on Carvana:
- Some firms have pushed targets sharply higher into year-end.
- Others remain cautious, emphasizing valuation and execution risk after the run.
MarketBeat’s roundup also reiterated other recent targets in the mix (including higher bulls), underlining how wide the debate remains. [9]
2) “Official inclusion” coverage: why the stock dipped Monday
A widely circulated mid-day explainer recapped Monday’s dip and emphasized the idea that inclusion-driven buying can happen before the effective date—leaving the stock vulnerable to profit-taking once the change is implemented. [10]
3) Brand/marketing news still circulating: Carvana Masters pickleball sponsorship
Carvana’s recently announced plan to become title sponsor of The PPA Masters—renaming it “The Carvana Masters” (Jan. 12–18, 2026, Rancho Mirage, California)—continued to appear in market coverage today, even though the release itself was issued last week. [11]
This isn’t an earnings driver by itself, but it supports the view that Carvana is investing in brand visibility as it tries to scale.
4) Valuation-focused analysis published today
A valuation check published Tuesday argued the stock’s momentum and index promotion are colliding with a valuation that may already embed years of high growth, with its own “fair value” framework suggesting the stock is richly valued relative to that model. [12]
You don’t need to agree with that framework for it to matter—what matters for trading is that valuation concerns are now a mainstream part of the CVNA narrative, especially after the 2025 run.
Analyst forecasts right now: where price targets sit versus today’s close
Across major market-data platforms, the headline takeaway is that consensus targets are clustered not far above today’s price—despite some aggressive highs:
- Investing.com shows an average 12‑month target around $446, with a high of $550 and a low of $330, and a rating mix skewed toward “buy.” [13]
- MarketBeat’s consensus snapshot similarly lists an average target of $446.32, describing the overall analyst stance as “Moderate Buy.” [14]
What that means in plain English: Wall Street is broadly constructive, but the stock has already climbed enough that the “average” target implies only modest upside from here. The bulls are betting that Carvana can keep compounding growth and profitability; the skeptics argue the stock price already assumes near-flawless execution.
What traders are watching technically heading into Wednesday
Without leaning on charts, here are the levels that tend to matter simply because they’re recent “memory points” in the tape:
- Near-term support:
- Near-term resistance:
- Bigger reference points:
- $485.33 (52-week high) and $148.25 (52-week low) remain key “range anchors” for longer-horizon positioning. [19]
Because CVNA is a high-volatility name (and widely perceived as one), it’s common for price to “snap” between these reference points faster than investors expect—particularly in thin holiday sessions.
Volatility check: short interest and why it still matters for CVNA
Carvana’s short interest isn’t at the extreme levels seen in classic squeeze plays, but it remains meaningful enough to amplify moves when momentum turns:
- Fintel lists short interest at 13,717,277 shares, about 9.88% of float, with an implied days-to-cover around 3.31 (data sourced to NYSE/Capital IQ in Fintel’s presentation). [20]
That backdrop can matter in two ways:
- Upside acceleration: positive catalysts can force incremental short covering.
- Downside air pockets: when momentum breaks, leveraged long positioning can unwind quickly.
What to know before the market opens tomorrow, Dec. 24, 2025
1) It’s a Christmas Eve early-close session
U.S. equity markets will be open Wednesday, but with a 1:00 p.m. ET close. [21]
The NYSE holiday schedule also notes:
- Eligible options stop at 1:15 p.m. ET
- The late trading session ends at 5:00 p.m. ET [22]
MarketWatch likewise summarized that NYSE and Nasdaq close early at 1 p.m. ET on Dec. 24 and are closed on Dec. 25. [23]
Why you should care: holiday sessions often bring lower liquidity, which can exaggerate intraday moves—especially in high-beta names like Carvana.
2) One key U.S. macro print before the open: Initial jobless claims
Market calendars show initial jobless claims scheduled for 8:30 a.m. ET on Wednesday, Dec. 24. [24]
While jobless claims aren’t “Carvana-specific,” the stock is sensitive to the broader consumer and credit narrative. Any surprise that shifts sentiment around the labor market can influence discretionary and credit-linked names—sometimes even more on a thin session.
3) Watch for “tape drift” rather than headline catalysts
As of tonight, today’s CVNA move looks more like positioning + post-inclusion digestion than a single blockbuster headline. [25]
That increases the odds that Wednesday’s action is driven by:
- broader market direction,
- volatility/flows,
- and liquidity conditions,
rather than a new fundamental catalyst.
4) Keep an eye on where after-hours pricing settles
Data feeds can disagree slightly in extended hours, but the core message is the same: CVNA is basically flat-to-slightly-up after the bell, near the high end of today’s range. [26]
If after-hours strengthens meaningfully above the $438–$440 zone, it can shape early premarket sentiment. If it fades back toward the mid-$430s, it can re-open the conversation around Monday’s “sell-the-news” close.
Bottom line for CVNA heading into Wednesday
Carvana enters the Christmas Eve session with:
- a higher close on Dec. 23 ($437.35) and a steady after-hours tape (around $438) [27]
- fresh analyst commentary (Evercore ISI’s target bump but still not an outright bullish stance) [28]
- an ongoing tug-of-war between growth momentum and valuation scrutiny [29]
- and a market structure setup that could amplify moves: early-close trading plus a key macro data point (jobless claims) before the open [30]
For investors, the practical message is simple: tomorrow’s session is shorter and likely thinner, so treat price moves—up or down—with extra caution, especially in the first hour after the open and into the early close.
This article is for informational purposes only and is not financial advice.
References
1. www.google.com, 2. www.google.com, 3. www.investing.com, 4. www.investing.com, 5. finviz.com, 6. finviz.com, 7. www.reuters.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. finviz.com, 11. finviz.com, 12. simplywall.st, 13. www.investing.com, 14. www.marketbeat.com, 15. www.investing.com, 16. www.investing.com, 17. www.google.com, 18. www.investing.com, 19. www.investing.com, 20. fintel.io, 21. www.nyse.com, 22. www.nyse.com, 23. www.marketwatch.com, 24. www.marketwatch.com, 25. www.investing.com, 26. www.google.com, 27. www.google.com, 28. www.marketbeat.com, 29. simplywall.st, 30. www.nyse.com
