GARCIA ERNEST C. II

10% Owner Garcia Ernest C. II sold 82,888 shares for $28,700,639.40 across 18 transactions on 2025-08-12 at blended avg $346.26

Garcia Ernest C. II, a 10% owner of Carvana, executed 18 separate sales totaling 82,888 shares for $28,700,639.40 on 2025-08-12, reducing his holding from 34,620,292 shares to 34,537,404 shares (a -0.2% net reduction). The sales were conducted across a narrow price range ($335.40–$349.39 within the 18 transactions) with a blended average of $346.26, while the stock currently trades at $68.52 (notably, the transaction prices reflect market conditions at the time of filing and do not represent current valuation). The FLAG notes this filing involves a derivative-conversion transaction; the insider's real position may include derivative securities recorded in Form 4 Table II, so the Table I shares_after figure alone does not represent his complete holdings. With the company reporting annual revenue growth of +26.9% and a P/E of 39.84, the timing and scale of this sale in relation to the company's fundamentals warrant investor attention, though no prior timing pattern data is available at this same ticker to establish whether this represents a recurring behavior.

10% Owner Garcia sold 95,087 shares (95.1K) across 8 transactions for $33,193,812.45 on 2025-08-13

Ernest C. Garcia II, a 10% owner of Carvana, executed 8 separate sales totaling 95,087 shares for $33,193,812.45 on 2025-08-13, reducing his stake from 34.54M to 34.44M shares (a -0.3% decrease). The blended average price of $349.09 per share compares to the current price of $68.52, representing a significant divergence that warrants context—this filing documents transactions dated 2025-08-13, while the PRICE section reflects today's valuation. Garcia immediately preceded this 2025-08-13 filing with 5 separate sell transactions on 2025-08-12, all reported in the same Form 4 (outcomes not yet measurable at 30-day and 90-day horizons). Across his broader cross-ticker track record, Garcia has executed 20 prior open-market sells, though timing performance metrics for those historical sales are not provided. This is a large-dollar transaction from a substantial shareholder during a period of sequential selling, but the derivative-conversion flag indicates these Table I shares represent only a portion of Garcia's actual position, which includes derivative securities held in Table II.

10% owner Ernest C. Garcia II sold 122,500 shares ($42.5M) across Aug 8–11 at $339.99–$356.38; post-transaction holdings 34.62M shares.

GARCIA ERNEST C. II, a 10% owner at CARVANA CO., executed 24 separate sales totaling 122,500 shares for $42,468,910.04 across two trading days (August 8–11, 2025) at prices ranging from $339.99 to $356.38, with a blended average of $346.68. The transaction reduced his holdings from 34,742,792 shares to 34,620,292 shares, a reduction of 0.4% relative to pre-transaction holdings. This filing involves a derivative-conversion transaction, meaning the insider's full position includes derivative securities in Form 4 Table II, which is not yet populated in the database—therefore this sale represents a partial disposition of a specific equity batch, not a position exit. CVNA is currently trading at $69.02, down 11.6% from its 52-week high of $78.03, though the stock is up 0.4% over the past 30 days and +13.0% over 90 days. The company posted $4.8B in quarterly revenue with $183.0M net income and 26.9% annual revenue growth, reflecting strong operational momentum. This large-scale sale by a 10% stakeholder—executed over two days with 24 distinct tranches across rising prices—requires investor scrutiny as to motivation and context, particularly whether other insiders filed contemporaneous transactions or whether this relates to planned liquidity events.

10% Owner Ernest Garcia II sells 100,000 CVNA shares (100.0K shares) for $35.1M at blended average $351.10 on 2025-08-06

Ernest Garcia II, a 10% owner of Carvana, executed 12 separate sales totaling 100,000 shares for $35,110,238.45 on 2025-08-06, reducing his holding from 34.94M to 34.84M shares. The FLAG notes this is a derivative-conversion transaction, meaning the Table I shares reported post-transaction do not represent his full position; the true holding structure depends on unreported derivative securities in Table II. Garcia's transaction occurred when CVNA traded near its 52-week high ($78.03), with the stock currently down 10.9% from that peak. His cross-ticker track record shows 20 prior open-market sells, though timing outcomes are not measurable, and his prior CVNA-specific trades (5 previous sells) do not yet have measurable 90-day returns. The sale occurred during a 90-day period of strong performance (+29.6%) but follows only a modest 30-day decline (-1.0%), suggesting this was a discrete liquidation event rather than a response to recent weakness in the position.

Garcia (10% owner) sells 100,000 shares for $36.0M; holds 34.74M shares post-sale

Ernest C. Garcia II, a 10% owner of Carvana, executed 16 separate sales on 2025-08-07 totaling 100,000 shares for $35,962,630.32, with transaction prices ranging from $352.62 to $367.67 and a blended average of $359.63. His post-transaction holdings of 34,742,792 shares represent a -0.3% reduction from his pre-transaction position of 34,842,792 shares. The stock currently trades at $69.51, representing -10.9% from its 52-week high of $78.03, with positive 90-day momentum (+29.6%) despite a recent 30-day decline of -1.0%. The filing is flagged as a derivative-conversion transaction (Table II securities not yet populated in database), so this represents a specific sale batch rather than a position exit. Carvana's fundamentals show strong revenue growth (+26.9% year-over-year) with $4.8B quarterly revenue and $183.0M net income, though the P/E of 40.41 indicates elevated valuation multiples relative to earnings.

10% owner Garcia sells 100,000 shares (0.3% of holdings) for $36.2M in 17 separate transactions on 2025-08-04.

Ernest C. Garcia II, a 10% owner of Carvana, executed 17 separate sales totaling 100,000 shares for $36,210,809.86 on 2025-08-04, with prices ranging from $353.81 to $370.00 per share and a blended average price of $362.11. Post-transaction holdings of 35,042,792 shares represent a -0.3% reduction versus pre-transaction, indicating a modest portfolio adjustment rather than a significant change in ownership stake. The multi-tranche execution across a price band suggests a methodical sale structure. Current price of $70.98 reflects material deterioration from the transaction prices ($353.81–$370.00 range), though this price-action analysis is directional only and does not attribute timing or forecasting intent to the insider. The filing is flagged as a derivative-conversion transaction; Table II (derivative holdings) is not yet populated, so the disclosed Table I post-transaction shares do not represent the insider's complete position.

10% owner Garcia sells 100,000 CVNA shares (100.0K) for $36.0M across 21 transactions at $346.89–$368.62 on 2025-08-05

Ernest C. Garcia II, a 10% owner of Carvana, executed 21 separate sales totaling 100,000 shares for $36,019,859.19 on 2025-08-05, reducing his holdings by 0.3% to 34,942,792 shares. The transaction occurred at blended average price $360.20, occurring within the stock's 52-week trading range but 9.0% below the 52-week high of $78.03, and substantially above the current price of $70.98. This filing contains a derivative-conversion transaction (Form 4 Table II not yet populated in the database); the insider's full position extends beyond the Table I shares shown here and should not be characterized as a complete exit. The sale follows strong 90-day momentum (+24.3%) and annual revenue growth of 26.9% for the company, though timing outcomes from the insider's prior CVNA trades remain unmeasurable.

Garcia sells 93,376 shares at blended $394.16 on 2025-07-31; holds 35.24M shares post-sale (0.3% reduction)

Ernest C. Garcia II, a 10% owner, executed 24 separate sales on 2025-07-31 totaling 93,376 shares for $36,805,132.75 at an average price of $394.16. Despite the substantial dollar volume, this represents only a 0.3% reduction from his pre-transaction holdings of 35,336,168 shares to 35,242,792 shares post-transaction, indicating a minor position adjustment relative to his total stake. The stock currently trades at $72.13, down 7.6% from its 52-week high of $78.03, though it has gained 3.5% over the last 30 days and 39.4% over 90 days, suggesting near-term upward momentum despite the pullback from peak levels. The filing contains a derivative-conversion transaction flagged in the Form 4, meaning this sale should be viewed as a partial transaction involving converted derivative securities rather than a full-position exit.

10% Owner Garcia sells 106,624 shares for $39.8M (blended avg $373.70) across 20 separate transactions on Jul–Aug 2025

Ernest C. Garcia II, a 10% owner of Carvana, executed 20 separate sales totaling 106,624 shares for $39,845,010.26 over two trading days (July 31 and August 1, 2025), reducing his stake from 35,249,416 shares to 35,142,792 shares. The multi-tranche structure and price progression (ranging from $365.48 to $412.50 per share) suggest a deliberate execution strategy rather than a single liquidation event. The sale occurs when CVNA stock is 7.6% below its 52-week high of $78.03, and the blended average transaction price of $373.70 contrasts sharply with the current price of $72.13, indicating a significant decline in the interim. This transaction is flagged as involving derivative conversion under Form 4 Table II, meaning the insider's total beneficial position extends beyond the Table I shares reported here and should not be viewed as a complete position exit.

10% owner Garcia sells 100,000 shares ($33.5M) across 21 transactions at $335.48 blended avg; holds 35.34M post-sale.

Ernest C. Garcia II, a 10% owner, executed 21 separate sales totaling 100,000 shares for $33,548,359.11 across two trading days (2025-07-29 and 2025-07-30), achieving a blended average price of $335.48. The sale reduced his holdings by 0.3% from 35,442,792 shares to 35,342,792 shares, a material absolute dollar transaction ($33.5M) despite the modest percentage reduction relative to total position size. This filing includes a derivative-conversion transaction (Table II data not yet populated in our database), so the reported Table I shareholdings do not represent his complete economic position. The stock's current price of $78.03 reflects significant deterioration since these mid-July trades at $329–$344 range, placing the insider's execution well above present levels and suggesting the timing of this sale preceded a material price decline.