Carvana Approves 5-for-1 Stock Split After Multiyear Rally

Carvana Co.’s board approved a 5-for-1 stock split, a move to bring down the automotive retailer’s lofty share price following a staggering multiyear rally from the depths of the pandemic.

The split — the first in the company’s history — will be voted on at the company’s annual shareholder meeting on May 5, according to a statement Friday. Stock splits are intended to make shares less expensive by dividing each share and reducing the price by a corresponding amount, so as not to change the overall value of investors’ total holdings.

Carvana’s stock price has soared more than 7,000% ...