A significant shareholder of online used-car retailer Carvana sold over $62 million worth of shares within two days, drawing market attention. The transactions, executed under a prearranged trading plan, involved the sale of 58,534 shares at prices between $335.40 and $354.17, netting approximately $28.7 million, followed by an additional 83,451 shares at $344 to $351 each, yielding $33.2 million. Concurrently, the CEO offloaded 9,285 shares for $3.4 million, though retains substantial holdings. These moves coincide with Carvana’s strong quarterly performance, where adjusted EBITDA of $601 million surpassed analyst estimates.
Expansion and Upgraded Targets
Despite insider sales, Wall Street remains bullish, with JPMorgan raising its price target to $415 and Needham to $500, citing operational efficiency and gross profit per vehicle. The company continues expanding services, launching same-day delivery in Chicago, adding to its presence in over 15 states. Carvana’s stock, up 141% year-to-date, reflects investor confidence, though the scale of insider divestment raises questions about valuation sustainability.
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