5 Biggest Losers This Week

In this article, we discuss the 5 biggest losers this week. If you want to see some more companies on the list, go directly to 10 Biggest Losers this Week.

5. CarMax, Inc. (NYSE:KMX)

Number of Hedge Fund Holders: 28

Shares of CarMax, Inc. (NYSE:KMX) plummeted nearly 16 percent this week after the used vehicle retailer announced disappointing financial results for its fiscal second quarter. The company blamed elevated inflation and higher interest rates for the weakness.

CarMax, Inc. (NYSE:KMX) earned 79 cents per share for the quarter, significantly lower than $1.72 per share in the year-ago period. Revenue came in at $8.1 billion, marginally higher than $8 billion in the same period of 2021. The results were well below the consensus of $1.39 per share for earnings and $8.5 billion for revenue.

Speaking on the results, CEO of CarMax, Inc. (NYSE:KMX), Bill Nash, said:

“While this was a challenging quarter across the used car industry, our ongoing progress in strengthening and expanding our omnichannel experience continues to positively differentiate us and enable us to grow market share.”