Carvana (NYSE: CVNA) shares surged on Thursday, climbing 17% in early hour trading to a new all-time high above $390.

The company reported second-quarter GAAP earnings per share of $1.28 on revenue that soared 42% to a quarterly record of $4.84 billion. Analysts surveyed by Visible Alpha had expected $0.97 and $4.58 billion, respectively.

Carvana (CVNA) shares surged nearly 18% on Thursday, hitting an all-time high, after several Wall Street analysts raised their price target on the online used-car retailer, with Citi noting that it was well-positioned to hit its target of selling three million retail units annually within 10 years.