Thursday, 18 April 2024
Trending

[the_ad_group id="2845"]

Investing

Carvana CFO sells over $4.7m in company stock By Investing.com

Carvana CFO sells over $4.7m in company stock By Investing.com

[the_ad id="21475"]

[ad_1]

Carvana Co. (NYSE:) Chief Financial Officer Mark W. Jenkins has sold a significant portion of his company stock, totaling over $4.7 million. The transactions, which took place on April 1st and 2nd, were disclosed in a recent filing with the Securities and Exchange Commission.

Jenkins sold a total of 57,348 shares at prices ranging from $85.98 to $87.57, resulting in proceeds of approximately $4,771,909. Additionally, on April 2nd, Jenkins sold another 10,296 shares for between $82.89 and $83.48, netting $771,021. These sales were executed in multiple trades, with the reported prices reflecting the volume-weighted average sale prices.

The sales occurred following an option exercise where Jenkins acquired 50,000 shares of Class A Common Stock at a price of $10.07 per share, amounting to a total transaction value of $503,500. These options were part of a non-qualified stock option plan that vested 25% on April 1st, with the remainder vesting monthly over the following three years, contingent on Jenkins’s continued service with Carvana.

The transactions were carried out in accordance with a Rule 10b5-1 trading plan, which Jenkins had adopted on December 15, 2023. This plan allows company insiders to establish pre-planned transactions to sell a predetermined number of shares at a predetermined time, providing a defense against potential insider trading accusations.

Following the series of transactions, Jenkins’s ownership in Carvana has been adjusted, though he still retains a substantial number of shares in the company. Carvana, known for its e-commerce platform for buying and selling used cars, has been a subject of investor interest, with movements by top executives often watched closely.

Investors and analysts typically monitor insider transactions for insights into executives’ confidence in their company’s prospects. The sales and option exercises by Carvana’s CFO will likely be interpreted in various ways, as market participants consider the potential implications for the company’s future performance and stock valuation.

For additional details on the transactions, including the specific number of shares sold at each price point, Carvana and Jenkins have committed to providing full information upon request by the SEC staff, the issuer, or a security holder of the issuer.

InvestingPro Insights

Amid the news of Carvana Co. (NYSE:CVNA) CFO Mark W. Jenkins’s recent stock transactions, investors may be seeking context to better understand the company’s…

Click Here to Read the Full Original Article at All News…

[ad_2]

[the_ad id="21476"]