Taira Thomas, who serves as President, Special Projects at Carvana Co. (NYSE: CVNA), sold 953 shares of Class A common stock on March 9, 2026, at $325.00 per share, according to a Form 4 filed with the Securities and Exchange Commission. The gross proceeds from that transaction totaled $309,725.
After the sale, Thomas directly holds 64,997 shares of Carvana. The disposition was carried out under a Rule 10b5-1 trading plan that Thomas adopted on August 8, 2025. Following the reported trade, Carvana's share price slipped to $309.59. Despite the recent pullback of 26.7% year-to-date, the stock is up 79.7% over the prior 12 months.
Alongside the insider transaction, market activity in used-car retail has drawn attention. Starboard Value purchased a $350 million stake in CarMax Inc., a position that represents roughly 6% of that company's market capitalization. That investment follows stakes taken last quarter by SRS Investment and Apollo Global, which each acquired about a 4% interest.
JPMorgan has kept an underweight rating on CarMax, citing uncertainties surrounding the company's turnaround in the competitive used-car market.
Brokerage firms have also revisited their price targets for Carvana amid margin and cost dynamics. UBS cut its target to $485 from $545, citing higher-than-expected reconditioning expenses, while maintaining a Buy rating. Citizens retained its Market Outperform rating and highlighted Carvana's reported progress toward a medium-term EBITDA margin target of 13.5%.
DA Davidson lowered its price target to $320 from $470 and kept a Neutral rating. RBC Capital trimmed its target to $440 from $500 while continuing to rate the stock Outperform. The aggregate of these adjustments points to concerns among analysts about Carvana's valuation and gross profit per unit even as the company has achieved meaningful market share gains and unit growth.
These developments—an executive sale under a pre-established 10b5-1 plan, active investor positioning in a major peer, and multiple brokerage target revisions—underscore differing assessments of operational costs, margin trajectories and valuation within the used-car retail sector.