Carvana Surges in Trading Volume to 97th Rank as Insider Sales Clash with Institutional Buys

On September 5, 2025, , , ranking 97th in trading activity. , reflecting mixed investor sentiment despite recent institutional activity. Institutional investors, including Armistice Capital LLC and Ardmore Road Asset Management, increased stakes in the first quarter, , signaling caution among key stakeholders.

CEO Ernest C. , , respectively. These sales align with broader insider activity, . Despite this, , with firms like Sassicaia Capital and OLD Mission Capital entering new positions in the first quarter.

Analysts have raised price targets for Carvana, with , , . Twelve analysts now rate the stock as a "Buy," while six assign a "Hold," reflecting confidence in the company’s turnaround despite elevated valuation metrics. , , , supporting positive sentiment.

To run this back-test precisely I need to pin down a few practical details: 1. Universe scope • Should the “top 500” be selected from all U.S. listed common stocks, or from a narrower group (e.g., S&P 1500, Russell 3000, NASDAQ only, etc.)? 2. Trade timing assumptions • Do we buy at the same-day close (after seeing that day’s volume) and exit at the very next day’s close, or should we assume entry at the next day’s open and exit at that day’s close? 3. Transaction costs • Any commission/slippage assumptions to include, or ignore trading costs? Once I have those three items I can generate the retrieval plan, pull the required data, and run the 1-day holding-period back-test from 2022-01-01 through today.