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DETROIT — Shares of CarMax were down by more than 20% in trading Thursday after the used auto retailer missed Wall Street's quarterly earnings and revenue expectations.

CarMax shares earlier in the day were trading under $45 — the stock's lowest price since March 2020, when the coronavirus pandemic closed down U.S. auto production and many retailers. The stock is down around 46% this year, with a less than $6.7 billion market cap.

The company's results included revenue of roughly $6.6 billion, down 6% from a year earlier, and adjusted earnings per share of 99 cents. excluding some special factors, according to LSEG. Analysts surveyed by the financial markets data firm had expected earnings per share of $1.

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