Insider trade

10% owner sold ~$136M of CVNA shares in the open market

Traded May 1, 2026 · Filed May 2, 2026

CarvanaCVNA

~$136M
Reported value · 2M sh @ $68.0575: 2M
Holds after · shares reported: -17.6%
stock since the trade · S&P 500 +6.0%, $76.52 → $63.04 on Oct 1

Why it stands out

A big owner of Carvana sold $136M of Carvana shares. Nobody planned it ahead of time.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: May 1, 2026
Reporting period: Not applicable
Filed with the SEC: May 2, 2026

10% ownerIndirect holding$1M+

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$136,115,000

Shares × reported transaction price

Timing vs results

2 days after results of Apr 29, 2026, 89 days before results of Jul 29, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $76.52 on May 1, 2026, 49% above its 52-week low and 20% below its high, after a 30% rise over the previous 30 trading days

52-week range $51.42 (May 2, 2025) to $95.69 (Jan 22, 2026), 57% of the way up, from 251 adjusted closes. 30 trading days earlier: $58.836 on Mar 19, 2026. Describes the past only, not a forecast

Planned / mechanical clue

None found in footnotes

Only flagged when a footnote says so; never inferred

After it was reported

After	Stock	S&P 500	Difference
7 days	+1.2%	+3.0%	-1.8%
30 days	-15.5%	+5.0%	-20.5%
90 days	-12.2%	+5.5%	-17.7%

Past results only. Not a forecast.

Source receipt

Record ID: 0001193125-26-201847
Filed / recorded: May 2, 2026, 2:20 AM UTC
Added to OQRO: Oct 2, 2026, 12:27 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: CARVANA CO.
Issuer CIK: 1690820
Ticker: CVNA
Reporting person: GARCIA ERNEST C. II
Relationship: 10% owner
Security: Covered Call Option (Obligation to Sell)
Table: Derivative (Table II)
Transaction date: May 1, 2026
Transaction code: S
Shares / units: 2,000,000
Price per share: $68.0575
Acquired / disposed: Disposed (D)
Shares owned after: 2,000,000
Ownership form: Indirect — ECG II SPE, LLC
Amendment: No

Footnotes from the filing

On May 1, 2026, E-SPE entered into a European-style covered call option transaction with an unaffiliated third-party purchaser. Under the terms of this transaction, E-SPE sold 4,000,000 covered call options, comprised of 2,000,000 covered call options with an exercise price of $450.00 and 2,000,000 covered call options with an exercise price of $500.00, each referencing one share of the Issuer's Class A common stock, with an expiration date of May 21, 2027. In exchange for selling these options, E-SPE received a cash premium of $68.0575 per option.
E-SPE pledged 4,000,000 shares of the Issuer's Class B common stock and 5,000,000 units of Carvana Group, LLC Class A units (collectively, the "Pledged Shares") to secure its obligations under the transaction. During the term of the pledge, E-SPE retains the right to vote the Pledged Shares and retains investment/dispositive power over the Pledged Shares, subject to the terms of the pledge arrangements.
The covered call options represented the option holder's right to purchase, and the option seller's obligation to sell, the underlying shares at the specified strike price. The covered call options were held directly by ECG II SPE, LLC ("E-SPE"), an entity wholly owned and controlled by Mr. Garcia.

Around the same time

5mo ago

5%+ stake

7.6%Stake

A Schedule 13G is filed by holders above 5% who say they will not try to influence the company. Index funds and large asset managers file most of them.

Why it stands out Official record

Officer sold ~$355K of Carvana

Scheduled in advance5mo ago

Officer sold ~$92K of Carvana