"We now believe that without a cash infusion, Carvana is likely to run out of cash by the end of 2023," the analyst wrote. "There is no indication yet of a potential cash infusion…and it is impossible to predict if and when that would occur," he added. Carvana faces "macro headwinds to both the supply and demand side" as well as company-specific issues, Schindler further stated. CVNA Price Action: Shares of Carvana were down 5.39% to $6.94 at the time of publication on Wednesday.