TEMPE, Ariz.—Daniel J. Gill, Chief Product Officer of Carvana Co. (NYSE:CVNA), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Gill sold 44,000 shares of Carvana's Class A Common Stock on December 2, 2024, for a total value of approximately $11.4 million. The shares were sold at prices ranging from $256.82 to $261.67 per share. The sale comes amid Carvana's remarkable 624% stock price surge over the past year, with the company now commanding a market capitalization of $53.84 billion.
These transactions were conducted as part of a pre-established trading plan under Rule 10b5-1, which allows company insiders to sell a predetermined number of shares at set times. Following these sales, Gill retains direct ownership of 191,225 shares of Carvana's Class A Common Stock.
In addition to the sales, the filing also reported that 1,042 shares were withheld for taxes upon vesting of restricted stock units, valued at approximately $271,357.
Carvana Co., headquartered in Tempe, Arizona, is a leading online platform for buying and selling used cars.
"In other recent news, Carvana has showcased a record-breaking third quarter in 2024. The company reported a 34% year-over-year increase in retail units sold, contributing to a 32% surge in revenue. This robust performance has led Morgan Stanley (NYSE:MS) to upgrade Carvana's stock rating from Underweight to Equal-weight, reflecting confidence in the company's financial performance and market position. The firm also significantly increased the price target for Carvana's shares to $260.00, up from the previous target of $110.00. Carvana's net income reached $148 million, with operating income of $337 million and an adjusted EBITDA of $429 million in Q3. The revenue for the quarter hit $3.655 billion. Looking forward, the company plans to increase its advertising spend by $5 million to $10 million in Q4 and anticipates an adjusted EBITDA significantly above the $1.0 billion to $1.2 billion range for the full year 2024. These recent developments underscore Carvana's ongoing efforts to position itself for sustainable growth and market expansion."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.