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Carvana (NYSE:CVNA) Chief Executive Officer Ernest Garcia III indirectly sold shares of the company’s Class A Common Stock on September 29, 2025, for a total value of $1.99 million. The sales were executed at prices ranging from $371.92 to $387.79, near the stock’s 52-week high of $413.33. The transaction comes as Carvana shares have surged 94% year-to-date, with InvestingPro analysis indicating the stock is currently trading above its Fair Value.
According to a Form 4 filing with the Securities and Exchange Commission, Garcia, through related trusts, disposed of a total of 4,147 shares. These sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 13, 2024. The company maintains a strong financial position, with InvestingPro data showing a "GREAT" overall financial health score and liquid assets exceeding short-term obligations.
The transactions involved sales from two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III. The filing indicates that Garcia serves as the Investment Trustee and Co-Administrative Trustee for both trusts.
Following these transactions, the Ernest Irrevocable 2004 Trust III holds 390,840 shares, and the Ernest C. Garcia III Multi-Generational Trust III holds 488,840 shares. Garcia also directly holds 921,926 shares.
In other recent news, Carvana has been the focus of several analyst updates, reflecting positive sentiment in the market. Jefferies upgraded Carvana’s stock rating from Hold to Buy, increasing its price target to $475.00, citing the company’s strong position to capitalize on the digital shift in the used car market. JPMorgan also raised its price target for Carvana to $425.00, maintaining an Overweight rating due to the company’s solid fundamentals and strong second-quarter results. Additionally, Citizens JMP reiterated its Market Outperform rating with a $460.00 price target, highlighting favorable industry trends that support Carvana’s business prospects.
DA Davidson raised its price target on Carvana to $380.00 from $260.00, maintaining a Neutral rating and noting that the company exceeded consensus estimates in several metrics, including year-over-year growth in used vehicle units. In related industry news, Benchmark reiterated its Buy rating on Sonic Automotive, maintaining an $80.00 price target amid Amazon’s expansion into the automotive marketplace. These developments indicate a generally optimistic outlook from analysts regarding Carvana’s potential in the evolving used car market.
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