Carvana COO Benjamin Huston Sells $4.08M in Class A Common Stock

Insider Filing Analysis: Carvana Co. ($CVNA)

Executive Summary

On September 3, 2026, Carvana Co. Chief Operating Officer Benjamin E. Huston filed a Form 4 disclosing dispositions totaling 57,016 shares of Class A Common Stock on September 1, 2026, with an aggregate transaction value of approximately $4.08 million. Following these transactions, Huston directly owns 478,693 shares.

Breakdown of Transactions

1. Tax Withholding (Code F): 7,016 shares withheld at $72.18 per share ($506,414.88) to cover tax liabilities associated with the vesting of restricted stock units.
2. Open Market Sales (Code S):
   • 29,474 shares sold at a weighted average price of $71.36 ($2,103,264.64), ranging between $70.68 and $71.67.
   • 20,526 shares sold at a weighted average price of $71.83 ($1,474,382.58), ranging between $71.68 and $72.17.

Key Observations & Context

• 10b5-1 Trading Plan: The open market sales totaling 50,000 shares were executed pursuant to a pre-arranged Rule 10b5-1 trading plan established on December 13, 2024.
• Holdings Impact: The insider reduced direct equity holdings by approximately 10.6% (from 535,709 shares prior to the transactions to 478,693 shares).
• Significance: Classified as Medium significance due to the multi-million-dollar size of the sale, mitigated by the fact that the open-market sales were conducted under a scheduled 10b5-1 plan and routine RSU tax withholding.