Why Carvana Stock Was Sliding Today

Shares of Carvana (NYSE: CVNA) were pulling back today after the online used-car dealer announced a secondary offering, its second equity offering in less than two months, as the company seeks to improve its cash position during a volatile period.

As of 11:37 a.m. EDT on Tuesday, the stock was down 8.8%.

A Carvana "vending machine." Image source: Carvana.