During a volatile week, shares of Carvana (NYSE: CVNA) were moving higher Wednesday morning, recovering from the sell-off that occurred Monday after management announced another round of layoffs and the stock got downgraded by analysts.
A Securities and Exchange Commission filing Tuesday night showing that Carvana Chief Product Officer Daniel Gill bought 133,000 shares of the stock for roughly $1 million on Monday seems to be giving the used car e-commerce stock a boost. As of 11:51 a.m. ET, it was up by 15%.
Image source: Carvana.
For further details see:
Why Carvana Stock Was Bouncing Higher Today