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Carvana Co. (NYSE:CVNA) shares are edging up on Friday morning. This follows an over 400% surge during Thursday’s session. This move is a purely mechanical adjustment.
Stock Split Details
The company executed a 5-for-1 stock split effective at today’s market open. Shares closed near $400 on Thursday.
They opened on Friday around the $81 mark. Investors now hold five times as many shares as before, but the total value of their holdings remains unchanged.
Liquidity and Share Count
Shareholders previously approved the split and an increased authorized share count. Splits don’t change the underlying business.
However, they often …
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