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Carvana Co (NYSE:CVNA). NASDAQ:CVNA Chief Executive Officer Ernest C. Garcia III, through trusts, sold a total of $4.75 million in Class A Common Stock, according to a Form 4 filing with the Securities and Exchange Commission. The sales occurred on July 28 and July 29, at prices ranging from $328.20 to $338.40. The online used car retailer, currently valued at $72.58 billion, has seen its stock surge 163% over the past year, according to InvestingPro data.
The transactions involved multiple sales of Class A Common Stock held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III. On July 28, sales were executed at weighted average prices of $334.23, $335.23, $335.61, $336.08, $336.55, $337.19 and $338.40. On July 29, sales were executed at weighted average prices of $328.20, $328.57, $329.14, $329.94, $330.35 and $331.12. InvestingPro analysis shows Carvana maintaining a perfect Piotroski Score of 9, indicating strong financial health.
These sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Garcia on December 13, 2024. Following these transactions, the trusts continue to hold a significant number of Carvana Co. shares. Garcia also directly owns 924,384 shares of Class A Common Stock. Based on current trading levels and InvestingPro Fair Value calculations, Carvana appears to be trading near its fair value, with 18 additional exclusive insights available to subscribers.
In other recent news, Carvana Co. reported strong financial results for the second quarter, with revenue reaching $4.84 billion. This figure surpassed analyst expectations, which had projected $4.56 billion, marking a 42% increase compared to the previous year. The company also sold a record 143,280 retail units, representing a 41% rise from the same period last year. Additionally, Carvana provided optimistic full-year guidance, further boosting investor confidence. These developments have drawn attention from analysts, with several firms likely to reassess their ratings based on the company’s strong performance. Investors are particularly interested in Carvana’s ability to maintain this growth trajectory. The company’s recent achievements highlight its significant progress in the online used-car market. Such performance metrics are crucial for stakeholders evaluating Carvana’s future prospects.
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