11 Best High Growth Stocks to Buy Now

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2. Carvana Co (NYSE:CVNA)

5-Year Revenue Growth Rate: 28.26%

Number of Hedge Fund Holders: 109

Carvana Co (NYSE:CVNA) ranks among the best high growth stocks to buy now. On December 1, UBS began coverage of Carvana Co (NYSE:CVNA) with a Buy rating and a $450 price target. According to the investment bank, Carvana’s “differentiated, best-in-class online platform and customer experience” puts the company in an ideal position to increase its market share in the competitive used car industry.

According to UBS, Carvana’s share of the used car sales industry currently stands at just about 1.5%, though it might increase to roughly 4% by the end of the decade and 8% over the next ten years. A number of variables contribute to the development potential, such as growing customer comfort with online car purchases, which currently account for around 2% of used car sales.

UBS states that the company’s focus on customer experience, which includes same-day or next-day delivery choices, is expected to boost brand awareness and support its vehicle acquisition strategy.

Carvana Co (NYSE:CVNA) shares were also up for a welcome boost following the announcement that the used car company will be included in the S&P 500 index as part of the quarterly adjustment, effective before market open on December 22.

Carvana Co (NYSE:CVNA) is an e-commerce company that operates an online platform for buying and selling used cars. It allows customers to browse, purchase, and sell used vehicles through its website or app, which features 360-degree virtual tours of cars.

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