Carvana's $940M Volume Ranks 97th as CEO Sells $27M Shares Amid Earnings Surge

On August 12, 2025, Carvana (CVNA) traded with a volume of $0.94 billion, ranking 97th in daily trading activity. The stock closed down 0.04%, reflecting mixed sentiment amid recent corporate developments and analyst activity.

Carvana’s CEO, Ernest C. Garcia III, sold 10,000 shares of Class A Common Stock on August 8 for $3.47 million, reducing his ownership by 1.75%. A larger transaction occurred on August 11, when Garcia and ECG II SPE, LLC sold $27.1 million in shares, part of a pre-arranged trading plan. These sales, coupled with a separate $15.4 million sale on August 8, highlight significant insider activity ahead of the company’s recent earnings surge.

The company reported robust second-quarter results, including $4.84 billion in revenue and $1.28 earnings per share, exceeding analyst estimates. Analysts from Bank of America, Royal Bank of Canada, and JMP Securities raised price targets to $425–$460, citing strong retail demand and operational performance. Institutional investors also adjusted positions, with J.Safra Asset Management and Farther Finance Advisors increasing holdings by 140.8% and 333.1%, respectively.

Backtesting a strategy of buying the top 500 stocks by daily trading volume and holding for one day from December 2021 to August 2025 yielded a $2,940 profit. The approach recorded an average daily return of 0.24%, a maximum drawdown of -$1,960, and a Sharpe ratio of 0.67, with peak performance reaching 1.2 over four years.