Carvana

CVNA • NYSE

Carvana is a specialty retail company in the consumer cyclical sector on NYSE, led by Gabe Rodriguez, with a market cap of $66.9B. As of Q3 2025, 97% of shares are held by 749 institutional investors, with PRICE T ROWE ASSOCIATES INC /MD/ as the largest holder at 11.82%.

CEOGabe Rodriguez

Market Cap$66.9B

Specialty Retail

Consumer Cyclical

Employees13.7K

Websitecarvana.com

Country

United States of America

Overview

Overview of institutional ownership in CVNA as of Q3 2025 with a market cap of $52.1B

All Institutions

Institutions: 749
Value Held: $50.8B
Shares Held: 134.6M
Avg Position: $67.8M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 126
Value Held: $13.2B
Shares Held: 35.1M
Avg Position: $105.1M
Median Position: $14.4M

Ownership Breakdown

Institutional (non-HF)

72.07%

$37.5B

Hedge Funds

25.42%

$13.2B

Retail & Other

2.51%

$1.3B

Based on market cap of $52.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CVNA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$6.2B 0.67% of portfolio	11.82% 16.3M shares	Q2 2019 Held for 6y 5m	$912.31B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$5.1B 0.08% of portfolio	9.74% 13.5M shares	Q2 2017 Held for 8y 5m	$6.69T
B BlackRock, Inc. Institution	-	$3.7B 0.07% of portfolio	7.11% 9.8M shares	Q2 2017 Held for 8y 5m	$5.67T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$2.4B 0.15% of portfolio	4.63% 6.4M shares	Q2 2017 Held for 8y 5m	$1.56T
FMR LLC Institution	-	$2.2B 0.11% of portfolio	4.14% 5.7M shares	Q2 2017 Held for 8y 5m	$1.92T
GREENOAKS CAPITAL PARTNERS LLC Venture Capital	Benjamin Scott Peretz Managing Partner	$2.0B 64.77% of portfolio	3.81% 5.3M shares	Q1 2022 Held for 3y 8m	$3.1B
CAS Investment Partners, LLC Hedge Fund•Value	Clifford A Sosin Managing Partner	$1.8B 82.26% of portfolio	3.54% 4.9M shares	Q1 2018 Held for 7y 8m	$2.2B
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$1.5B 0.28% of portfolio	2.89% 4.0M shares	Q1 2025 Held for 8 months	$532.36B
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC Hedge Fund•Long/Short	Keith Robert Cozza President	$1.4B 35.18% of portfolio	2.61% 3.6M shares	Q1 2018 Held for 7y 8m	$3.9B
Exor Investments LLP Hedge Fund•Long/Short	Enrico Vellano CEO	$1.2B 22.07% of portfolio	2.24% 3.1M shares	Q1 2023 Held for 2y 8m	$5.3B

Net Capital Flow

Institutional buying and selling activity for CVNA in Q3 2025

Traded: +$2.5B
Buyers: 437
Sellers: 311
Total Bought: +$6.4B
Total Sold: −$3.9B
Avg Position: $61.0M

Biggest Buyers

Institution	Net Bought	Current Position
JPMORGAN CHASE & CO Institution	+$1.2B +3.1M shares	$2.4B 6.4M shares
VIKING GLOBAL INVESTORS LP Hedge Fund•Long/Short	+$386.0M +1.0M shares	$792.7M 2.1M shares
SANDS CAPITAL MANAGEMENT, LLC Long Only Manager	+$298.1M +790.3K shares	$638.1M 1.7M shares
Invesco Ltd. ETF Provider	+$268.1M +710.6K shares	$545.1M 1.4M shares
VANGUARD GROUP INC Institution	+$260.6M +690.8K shares	$5.1B 13.5M shares
Dragoneer Investment Group, LLC Hedge Fund•Long/Short	+$256.1M +678.9K shares	$256.1M 678.9K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	+$239.2M +634.1K shares	$239.2M 634.1K shares
A Amundi Institution	+$197.2M +533.6K shares	$305.9M 827.6K shares
Winslow Capital Management, LLC Long Only Manager	+$182.9M +484.8K shares	$182.9M 484.8K shares
Holocene Advisors, LP Hedge Fund•Long/Short	+$172.2M +456.5K shares	$266.5M 706.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
D D. E. Shaw & Co., Inc. Institution	−$501.0M −1.3M shares	$464.2M 1.2M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$337.8M −895.4K shares	$296.4M 785.8K shares
UBS Group AG Institution	−$319.6M −847.3K shares	$76.1M 201.6K shares
BANK OF AMERICA CORP /DE/ Institution	−$299.7M −794.5K shares	$229.5M 608.3K shares
Exor Investments LLP Hedge Fund•Long/Short	−$253.4M −671.7K shares	$1.2B 3.1M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$202.8M −537.6K shares	$40.6M 107.6K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$188.2M −498.8K shares	$122.7M 325.4K shares
GREENOAKS CAPITAL PARTNERS LLC Venture Capital	−$148.5M −393.6K shares	$2.0B 5.3M shares
FMR LLC Institution	−$139.9M −370.8K shares	$2.2B 5.7M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$135.4M −358.8K shares	$77.1M 204.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CVNA in Q3 2025

New Positions: 75
New Value: $623.6M
Exited Positions: 83
Exited Value: $141.0M

New Positions

Institution	Position Value
Dragoneer Investment Group, LLC Hedge Fund•Long/Short	$256.1M 678.9K shares
Polar Capital Holdings Plc Long Only Manager	$138.8M 368.0K shares
S SOMA EQUITY PARTNERS LP Hedge Fund•Long/Short	$67.1M 177.8K shares
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	$57.2M 151.8K shares
Gavilan Investment Partners LLC Hedge Fund•Sector	$26.0M 69.0K shares
W WT Asset Management Ltd Institution	$23.0M 61.1K shares
Bornite Capital Management LP Hedge Fund•Long/Short	$18.9M 50.0K shares
LEE JOHNSON CAPITAL MANAGEMENT, LLC RIA/Wealth	$5.2M 13.7K shares
Loup Funds, LLC Hedge Fund•Sector	$4.9M 12.9K shares
SORA INVESTORS LLC Hedge Fund•Long/Short	$4.8M 12.8K shares

Exited Positions

Institution	Previous Position
C Cubist Systematic Strategies, LLC Institution	$24.2M 71.8K shares
Q Quantitative Investment Management, LLC Hedge Fund•Quant Macro	$21.8M 64.6K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$17.6M 52.3K shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	$6.3M 18.8K shares
Beck Bode, LLC RIA/Wealth	$5.7M 16.8K shares
Laurion Capital Management LP Hedge Fund•Multi-Strategy	$5.5M 16.3K shares
N NWI MANAGEMENT LP Hedge Fund•Global Macro	$5.1M 15.0K shares
Quantbot Technologies LLC Hedge Fund•Quant	$3.4M 10.0K shares
W Winton Capital Group Ltd Institution	$3.1M 9.2K shares
F FORA Capital, LLC Hedge Fund•Quant	$2.9M 8.7K shares

Options Activity

Institutions with the largest Call and Put options positions in CVNA as of Q3 2025

Call Positions: 48
Call Value: $7.1B
Put Positions: 61
Put Value: $5.1B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.2B 59.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.5B 40.7K contracts
J JANE STREET GROUP, LLC Institution	$631.8M 16.7K contracts
BARCLAYS PLC Institution	$631.1M 16.7K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$285.1M 7.6K contracts
Caption Management, LLC Hedge Fund•Long/Short	$265.2M 7.0K contracts
Walleye Trading LLC RIA/Wealth	$203.8M 5.4K contracts
D D. E. Shaw & Co., Inc. Institution	$172.6M 4.6K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$158.4M 4.2K contracts
Toroso Investments, LLC ETF Provider	$147.9M 3.9K contracts

Put Positions

Institution	Position Value
CITIGROUP INC Institution	$1.8B 47.6K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$665.6M 17.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$466.1M 12.4K contracts
GOLDMAN SACHS GROUP INC Institution	$462.4M 12.3K contracts
J JANE STREET GROUP, LLC Institution	$390.5M 10.4K contracts
Caption Management, LLC Hedge Fund•Long/Short	$223.3M 5.9K contracts
D D. E. Shaw & Co., Inc. Institution	$206.2M 5.5K contracts
WELLS FARGO & COMPANY/MN Institution	$142.8M 3.8K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$60.8M 1.6K contracts
P PEAK6 LLC Institution	$60.1M 1.6K contracts

Most Committed Institutions

Institutions with CVNA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
CAS Investment Partners, LLC Hedge Fund•Value	Clifford A Sosin Managing Partner	82.26% $1.8B	3.54% 4.9M shares	Q1 2018 Held for 7y 8m	$2.2B
K KPS Global Asset Management UK Ltd Institution	-	71.71% $565.9M	1.09% 1.5M shares	Q4 2019 Held for 5y 11m	$789.0M
GREENOAKS CAPITAL PARTNERS LLC Venture Capital	Benjamin Scott Peretz Managing Partner	64.77% $2.0B	3.81% 5.3M shares	Q1 2022 Held for 3y 8m	$3.1B
G General Equity Holdings LP Hedge Fund•Long/Short	Andrew James Bellas Managing Partner	59.67% $98.1M	0.19% 260.0K shares	Q1 2021 Held for 4y 8m	$164.4M
Selkirk Management LLC Hedge Fund•Long/Short	Redmond Strawbridge Managing Partner	37.77% $137.8M	0.26% 365.2K shares	Q3 2018 Held for 7y 2m	$364.8M
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC Hedge Fund•Long/Short	Keith Robert Cozza President	35.18% $1.4B	2.61% 3.6M shares	Q1 2018 Held for 7y 8m	$3.9B
RV Capital GmbH Hedge Fund•Value	Robert Oliver Vinall CEO	30.75% $168.0M	0.32% 445.3K shares	Q4 2021 Held for 3y 11m	$546.2M
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	25.84% $42.7M	0.08% 113.2K shares	Q1 2020 Held for 5y 8m	$165.2M
M MASSACHUSETTS INSTITUTE OF TECHNOLOGY Institution	-	22.63% $218.0M	0.42% 577.9K shares	Q2 2025 Held for 5 months	$963.5M
GOODNOW INVESTMENT GROUP, LLC Hedge Fund•Long/Short	Peter John Gavey CCO	22.33% $245.7M	0.47% 651.3K shares	Q2 2017 Held for 8y 5m	$1.1B

Hedge Fund Spotlight

Discover hedge funds investing in CVNA

Entropy Technologies, LP

Hedge Fund • Quant Macro

Portfolio ManagerArjun Rajan Modi

Portfolio Value: $1.3B
Positions: 787
Last Reported: Q3 2025

Sector Allocation

Position in Carvana

Market Value: $3.0M
Shares Held: 7.9K
Portfolio Weight: 0.22%
Owned Since: 2023-Q4

Top Holding	Sector	Market Value	Weight
1 Micron Technology MU	Semiconductors Technology	$13.2M	0.98%
2 Chevron CVX	Oil & Gas Integrated Energy	$13.0M	0.97%
3 Visa V	Financial - Credit Services Financial Services	$13.0M	0.97%