Overview
- Shares jumped about 10% in pre-market trading on December 9 and recently hit record levels, closing near $399.77 and spiking to roughly $435–$440 after hours following the announcement.
- Index rebalancing could require passive funds to buy about 16 million shares by December 19, with roughly 12 million shares sold short and options hedging adding squeeze pressure.
- Retail sentiment on Reddit and X remains bearish, with users citing recent insider sales exceeding $30 million by top executives and labeling the move manipulation.
- Q3 2025 results showed 155,941 retail units sold, $5.647 billion in revenue, $263 million in net income, and $637 million in adjusted EBITDA, with an S&P Global Ratings upgrade to B reflecting improved leverage and liquidity.
- Analysts acknowledge the turnaround but flag valuation risk, noting JPMorgan’s Overweight rating with a $425 target and average 12‑month targets that imply only modest upside from current levels.