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[Form 4] Carvana Co. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Very Negative)
Form Type
4
Rhea-AI Filing Summary

On 21 July 2025, Chief Retail Officer George Hill filed a Form 4 reporting two transactions in Five Below (FIVE) common stock:

  • 06/30/2025 – Code J: Acquired 42 shares at $118.06 through a Rule 16b-3(c) employee stock purchase plan.
  • 07/17/2025 – Code S: Sold 1,500 shares at $140.00 under a pre-arranged Rule 10b5-1 trading plan.

After the transactions Hill directly owns 42,672 shares of FIVE. No derivative securities were reported.

Il 21 luglio 2025, il Chief Retail Officer George Hill ha presentato un Modulo 4 segnalando due operazioni su azioni ordinarie di Five Below (FIVE):

  • 30/06/2025 – Codice J: Acquisto di 42 azioni a $118,06 tramite un piano di acquisto azionario per dipendenti conforme alla Regola 16b-3(c).
  • 17/07/2025 – Codice S: Vendita di 1.500 azioni a $140,00 nell'ambito di un piano di trading predefinito secondo la Regola 10b5-1.

Dopo queste operazioni, Hill detiene direttamente 42.672 azioni di FIVE. Non sono stati segnalati strumenti derivati.

El 21 de julio de 2025, el Director de Retail George Hill presentó un Formulario 4 informando sobre dos transacciones con acciones ordinarias de Five Below (FIVE):

  • 30/06/2025 – Código J: Adquirió 42 acciones a $118.06 a través de un plan de compra de acciones para empleados conforme a la Regla 16b-3(c).
  • 17/07/2025 – Código S: Vendió 1,500 acciones a $140.00 bajo un plan de trading preestablecido según la Regla 10b5-1.

Tras las transacciones, Hill posee directamente 42,672 acciones de FIVE. No se reportaron valores derivados.

2025년 7월 21일, 최고 소매 책임자 조지 힐이 Five Below(FIVE) 보통주에 관한 두 건의 거래를 보고하는 Form 4를 제출했습니다:

  • 2025년 6월 30일 – 코드 J: 규칙 16b-3(c)에 따른 직원 주식 구매 계획을 통해 42주를 주당 $118.06에 취득했습니다.
  • 2025년 7월 17일 – 코드 S: 사전 설정된 규칙 10b5-1 거래 계획에 따라 1,500주를 주당 $140.00에 매도했습니다.

이 거래 이후 힐은 FIVE 주식 42,672주를 직접 보유하고 있습니다. 파생 증권은 보고되지 않았습니다.

Le 21 juillet 2025, le Chief Retail Officer George Hill a déposé un formulaire 4 signalant deux transactions sur des actions ordinaires de Five Below (FIVE) :

  • 30/06/2025 – Code J : Acquisition de 42 actions à 118,06 $ via un plan d’achat d’actions pour employés conforme à la règle 16b-3(c).
  • 17/07/2025 – Code S : Vente de 1 500 actions à 140,00 $ dans le cadre d’un plan de trading préétabli selon la règle 10b5-1.

Après ces transactions, Hill détient directement 42 672 actions de FIVE. Aucun titre dérivé n’a été déclaré.

Am 21. Juli 2025 reichte Chief Retail Officer George Hill ein Formular 4 ein, in dem zwei Transaktionen mit Stammaktien von Five Below (FIVE) gemeldet wurden:

  • 30.06.2025 – Code J: Erwerb von 42 Aktien zu je 118,06 $ im Rahmen eines Mitarbeiteraktienkaufplans gemäß Regel 16b-3(c).
  • 17.07.2025 – Code S: Verkauf von 1.500 Aktien zu je 140,00 $ im Rahmen eines vorab festgelegten Handelsplans gemäß Regel 10b5-1.

Nach den Transaktionen besitzt Hill direkt 42.672 Aktien von FIVE. Es wurden keine Derivate gemeldet.

Positive
  • Compliance with Rule 10b5-1 and 16b-3(c) demonstrates adherence to insider-trading safeguards and transparent governance.
Negative
  • Sale of 1,500 shares at $140 trims insider stake by ~3.4%, which some investors may view as mild profit-taking.

Insights

TL;DR: Small, pre-planned insider sale (~3.4% of holding) after modest purchase; signals limited directional insight, overall neutral.

The 1,500-share sale reduced Hill’s stake from 44,172 to 42,672 shares—a 3.4% trim. Because the sale was executed under a Rule 10b5-1 plan, it is considered pre-scheduled, lessening its informational value regarding management sentiment. The prior 42-share purchase was de minimis and conducted via a stock purchase plan, offering little incremental signal. The absence of derivative activity or larger volume suggests the filing is routine and unlikely to materially affect valuation or trading dynamics.

TL;DR: Governance-compliant trades under Rule 10b5-1 and 16b-3(c); transparency high, no red flags.

Hill’s use of both an employee purchase plan and a 10b5-1 program aligns with best-practice governance, mitigating potential insider-trading concerns. The Form 4 was filed within the two-business-day window, and the limited volume relative to total ownership supports a neutral governance assessment.

Il 21 luglio 2025, il Chief Retail Officer George Hill ha presentato un Modulo 4 segnalando due operazioni su azioni ordinarie di Five Below (FIVE):

  • 30/06/2025 – Codice J: Acquisto di 42 azioni a $118,06 tramite un piano di acquisto azionario per dipendenti conforme alla Regola 16b-3(c).
  • 17/07/2025 – Codice S: Vendita di 1.500 azioni a $140,00 nell'ambito di un piano di trading predefinito secondo la Regola 10b5-1.

Dopo queste operazioni, Hill detiene direttamente 42.672 azioni di FIVE. Non sono stati segnalati strumenti derivati.

El 21 de julio de 2025, el Director de Retail George Hill presentó un Formulario 4 informando sobre dos transacciones con acciones ordinarias de Five Below (FIVE):

  • 30/06/2025 – Código J: Adquirió 42 acciones a $118.06 a través de un plan de compra de acciones para empleados conforme a la Regla 16b-3(c).
  • 17/07/2025 – Código S: Vendió 1,500 acciones a $140.00 bajo un plan de trading preestablecido según la Regla 10b5-1.

Tras las transacciones, Hill posee directamente 42,672 acciones de FIVE. No se reportaron valores derivados.

2025년 7월 21일, 최고 소매 책임자 조지 힐이 Five Below(FIVE) 보통주에 관한 두 건의 거래를 보고하는 Form 4를 제출했습니다:

  • 2025년 6월 30일 – 코드 J: 규칙 16b-3(c)에 따른 직원 주식 구매 계획을 통해 42주를 주당 $118.06에 취득했습니다.
  • 2025년 7월 17일 – 코드 S: 사전 설정된 규칙 10b5-1 거래 계획에 따라 1,500주를 주당 $140.00에 매도했습니다.

이 거래 이후 힐은 FIVE 주식 42,672주를 직접 보유하고 있습니다. 파생 증권은 보고되지 않았습니다.

Le 21 juillet 2025, le Chief Retail Officer George Hill a déposé un formulaire 4 signalant deux transactions sur des actions ordinaires de Five Below (FIVE) :

  • 30/06/2025 – Code J : Acquisition de 42 actions à 118,06 $ via un plan d’achat d’actions pour employés conforme à la règle 16b-3(c).
  • 17/07/2025 – Code S : Vente de 1 500 actions à 140,00 $ dans le cadre d’un plan de trading préétabli selon la règle 10b5-1.

Après ces transactions, Hill détient directement 42 672 actions de FIVE. Aucun titre dérivé n’a été déclaré.

Am 21. Juli 2025 reichte Chief Retail Officer George Hill ein Formular 4 ein, in dem zwei Transaktionen mit Stammaktien von Five Below (FIVE) gemeldet wurden:

  • 30.06.2025 – Code J: Erwerb von 42 Aktien zu je 118,06 $ im Rahmen eines Mitarbeiteraktienkaufplans gemäß Regel 16b-3(c).
  • 17.07.2025 – Code S: Verkauf von 1.500 Aktien zu je 140,00 $ im Rahmen eines vorab festgelegten Handelsplans gemäß Regel 10b5-1.

Nach den Transaktionen besitzt Hill direkt 42.672 Aktien von FIVE. Es wurden keine Derivate gemeldet.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 07/17/2025 C 100,000 A (1) 100,000 D
Class A Common Stock 07/17/2025 S(2) 5,700 D $345.4488(3)(4) 94,300 D
Class A Common Stock 07/17/2025 S(2) 5,200 D $346.2175(3)(4) 89,100 D
Class A Common Stock 07/17/2025 S(2) 6,946 D $347.2683(3)(4) 82,154 D
Class A Common Stock 07/17/2025 S(2) 6,813 D $348.1316(3)(4) 75,341 D
Class A Common Stock 07/17/2025 S(2) 3,108 D $349.429(3)(4) 72,233 D
Class A Common Stock 07/17/2025 S(2) 2,533 D $350.2039(3)(4) 69,700 D
Class A Common Stock 07/17/2025 S(2) 7,478 D $351.9149(3)(4) 62,222 D
Class A Common Stock 07/17/2025 S(2) 17,730 D $352.7374(3)(4) 44,492 D
Class A Common Stock 07/17/2025 S(2) 17,914 D $353.6866(3)(4) 26,578 D
Class A Common Stock 07/17/2025 S(2) 10,037 D $354.6391(3)(4) 16,541 D
Class A Common Stock 07/17/2025 S(2) 4,932 D $355.7698(3)(4) 11,609 D
Class A Common Stock 07/17/2025 S(2) 9,489 D $356.5741(3)(4) 2,120 D
Class A Common Stock 07/17/2025 S(2) 1,865 D $357.7534(3)(4) 255 D
Class A Common Stock 07/17/2025 S(2) 255 D $358.3539(3)(4) 0 D
Class A Common Stock 07/18/2025 C 50,000 A (1) 50,000 D
Class A Common Stock 07/18/2025 S(2) 1,465 D $337.2159(5) 48,535 D
Class A Common Stock 07/18/2025 S(2) 6,491 D $338.259(5) 42,044 D
Class A Common Stock 07/18/2025 S(2) 6,921 D $339.373(5) 35,123 D
Class A Common Stock 07/18/2025 S(2) 9,245 D $340.2772(5) 25,878 D
Class A Common Stock 07/18/2025 S(2) 6,844 D $341.2313(5) 19,034 D
Class A Common Stock 07/18/2025 S(2) 7,022 D $342.3335(5) 12,012 D
Class A Common Stock 07/18/2025 S(2) 8,108 D $343.2678(5) 3,904 D
Class A Common Stock 07/18/2025 S(2) 3,052 D $344.1134(5) 852 D
Class A Common Stock 07/18/2025 S(2) 131 D $346.9427(5) 721 D
Class A Common Stock 07/18/2025 S(2) 144 D $348.4145(5) 577 D
Class A Common Stock 07/18/2025 S(2) 577 D $349.25 0 D
Class B Common Stock 07/17/2025 J 100,000 D (6) 35,792,792 D
Class B Common Stock 07/18/2025 J 50,000 D (6) 35,742,792 D
Class B Common Stock 8,000,000 I ECG II SPE, LLC(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Units (1) 07/17/2025 C 125,000 (1) (1) Class A Common Stock 100,000 $0 44,740,989 D
Class A Units (1) 07/18/2025 C 62,500 (1) (1) Class A Common Stock 50,000 $0 44,678,489 D
Class A Units $0 (8) (8) Class A Common Stock 10,000,000 10,000,000 I ECG II SPE, LLC
1. Name and Address of Reporting Person*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ECG II SPE, LLC
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").
2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.
3. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $344.75-$345.74, inclusive (weighted average of $345.4488); $345.76-$346.70, inclusive (weighted average of $346.2175); $346.76-$347.75, inclusive (weighted average of $347.2683); $347.76-$348.74, inclusive (weighted average of $348.1316); $348.87-$349.86, inclusive (weighted average of $349.429); $349.87-$350.85, inclusive (weighted average of $350.2039); $351.23-$352.22, inclusive (weighted average of $351.9149); $352.24-$353.22, inclusive (weighted average of $352.7374); $353.24-$354.23, inclusive (weighted average of $353.6866); $354.24-$355.23, inclusive (weighted average of $354.6391); $355.245-$356.1775, inclusive (weighted average of $355.7698); $356.25-$357.24, inclusive (weighted average of $356.5741); $357.295-$358.29, inclusive (weighted average of $357.7534); and $358.35-$358.36, inclusive (weighted average of $358.3539), respectively.
4. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within ranges set forth herein.
5. Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $336.76-$337.7541, inclusive (weighted average of $337.2159); $337.77-$338.7632, inclusive (weighted average of $338.259); $338.7789-$339.7723, inclusive (weighted average of $339.373); $339.78-$340.76, inclusive (weighted average of $340.2772); $340.7812-$341.78, inclusive (weighted average of $341.2313); $341.7816-$342.78, inclusive (weighted average of $342.3335); $342.785-$343.78, inclusive (weighted average of $343.2678); $343.7857-$344.50, inclusive (weighted average of $344.1134); $346.4993-$347.2569, inclusive (weighted average of $346.9427); and $348.126-$348.6885, inclusive (weighted average of $348.4145), respectively. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within ranges set forth herein.
6. Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.
7. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
8. These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
/s/ Ernest C. Garcia II 07/21/2025
/s/ Ernest C. Garcia II, ECG II SPE, LLC 07/21/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many Five Below (FIVE) shares did George Hill sell on 07/17/2025?

He sold 1,500 common shares.

At what price were the FIVE shares sold?

The shares were sold at $140.00 per share.

How many shares does George Hill own after these transactions?

Hill now directly owns 42,672 FIVE shares.

Was the sale executed under a pre-arranged trading plan?

Yes. The Form 4 states the sale was made under a Rule 10b5-1 plan adopted on 01/14/2025.

Were any derivative securities involved in this Form 4 filing?

No. No derivative securities were reported.

Did the insider also purchase shares during the period?

Yes. Hill purchased 42 shares at $118.06 on 06/30/2025 via an employee stock purchase plan.
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Carvana

NYSE:CVNA

CVNA Rankings

#721 Ranked by Market Cap
N/A Ranked by Dividends

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CVNA Latest SEC Filings

Jul 18, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 18, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 17, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 16, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 16, 2025
[Form 4] Carvana Co. Insider Trading Activity

CVNA Stock Data

46.90B
131.25M
1.42%
94.21%
6.9%
Auto & Truck Dealerships
Retail-auto Dealers & Gasoline Stations
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TEMPE