SCHEDULE: FMR LLC Cuts Carvana Stake Below 5%

Sentiment:

Beneficial Ownership Disclosure 6 August 2025 11:56 AM

FMR LLC and Abigail P. Johnson have reduced their beneficial ownership in Carvana Co. Class A Common Stock to 4.5% as of June 30, 2025.

Worse than expectedFMR LLC and Abigail P. Johnson reduced their beneficial ownership in Carvana Co. Class A Common Stock to 4.5%, indicating a divestment below the 5% threshold.

Summary

FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 6,085,125.17 shares of Carvana Co. Class A Common Stock, representing 4.5% of the class.
FMR LLC holds sole voting power over 5,496,113.34 shares and sole dispositive power over 6,085,125.17 shares.
Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC, is deemed to have sole dispositive power over the same 6,085,125.17 shares.
The filing indicates that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of Carvana Co.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a significant institutional investor, FMR LLC, has reduced its stake in Carvana Co. below the 5% beneficial ownership threshold, which can be interpreted as a decrease in confidence or a reallocation of capital.

Negatives

FMR LLC and Abigail P. Johnson have reduced their beneficial ownership in Carvana Co. Class A Common Stock to 4.5%, falling below the 5% threshold, which indicates a reduction in their investment in the company.

Future Outlook

Industry Context

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Shareholder Voting Agreement	Members of the Johnson family, including Abigail P. Johnson, who are predominant owners (49% voting power) of Series B voting common shares of FMR LLC, have entered into a shareholders' voting agreement. This agreement mandates that all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares.	NA	This agreement allows the Johnson family to be deemed a controlling group with respect to FMR LLC under the Investment Company Act of 1940, influencing FMR LLC's overall voting decisions and, by extension, its investment strategies.

Stakeholder Impact

Shareholders may view the reduction in FMR LLC's stake as a signal of decreased institutional confidence in Carvana Co., potentially influencing investment decisions.

Key Dates

Date	Description
05/23/2023	Effective date of Power of Attorney for Richard Bourgelas, authorizing signatures on behalf of FMR LLC and Abigail P. Johnson.
08/08/2023	Date of previous Schedule 13G filing by FMR LLC, referenced for Power of Attorney accession number.
06/30/2025	Date of event which requires filing of this statement, representing the beneficial ownership as of this date.
08/05/2025	Filing date of Schedule 13G Amendment No. 2.

Recommendation

hold

The filing indicates a reduction in beneficial ownership by a significant institutional investor, FMR LLC, to below the 5% threshold. While not a direct sell signal, this divestment by a major holder warrants caution and suggests a 'hold' stance until further financial or strategic updates from Carvana Co. provide clearer direction.

Keywords

Carvana, FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Class A Common Stock, Institutional Investor, Stake Reduction

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