Online used-car retailer Carvana Co. (NYSE: CVNA) saw its shares decline more than 3% to $67.81 by 12:32 p.m. ET on Tuesday, following the disclosure that two board members sold company stock last week.

According to a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, director Danforth Quayle disposed of 14,525 shares on Friday, while director Ira Platt sold 30,000 shares on Thursday.

The insider selling activity comes as investors digest the moves by key executives, potentially signaling a lack of confidence in the company's near-term prospects. Despite the dip, Carvana's shares have remained under scrutiny amid broader market volatility in the automotive e-commerce sector.