Market Insider

CarMax shares fall after sources say Jim Chanos takes short position

Customers shop for used vehicles at a CarMax dealership in Lexington, Kentucky.
Luke Sharrett | Bloomberg | Getty Images

CarMax shares took a hit on Wednesday, after sources told CNBC that investor Jim Chanos has taken a short position on the stock.

By midmorning Wednesday, the stock seesawed and was trading down 0.8 percent at $64 per share. At its lowest, the stock was down by more than 2 percent.

Famed short-seller Chanos is the founder and managing partner of Kynikos Associates.

The stock is down nearly 1 percent year-to-date.

CNBC has reached out to CarMax for comment.

Carmax 5-day chart

—Reporting by CNBC's Scott Wapner.