Investors with a lot of money to spend have taken a bearish stance on Carvana CVNA.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVNA, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 19 uncommon options trades for Carvana.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.
Out of all of the special options we uncovered, 8 are puts, for a total amount of $399,515, and 11 are calls, for a total amount of $499,895.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $50.0 and $95.0 for Carvana, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Carvana stands at 985.09, with a total volume reaching 3,271.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Carvana, situated within the strike price corridor from $50.0 to $95.0, throughout the last 30 days.
Carvana 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | PUT | TRADE | BULLISH | 09/20/24 | $21.45 | $20.5 | $20.5 | $85.00 | $102.5K | 273 | 51 |
| CVNA | CALL | SWEEP | BEARISH | 05/17/24 | $12.85 | $12.55 | $12.55 | $80.00 | $97.8K | 1.6K | 80 |
| CVNA | PUT | SWEEP | BEARISH | 04/12/24 | $5.35 | $4.7 | $5.35 | $86.00 | $82.4K | 297 | 99 |
| CVNA | CALL | TRADE | BEARISH | 08/16/24 | $17.1 | $17.05 | $17.05 | $85.00 | $71.6K | 620 | 0 |
| CVNA | CALL | SWEEP | BEARISH | 04/19/24 | $1.23 | $1.2 | $1.2 | $91.00 | $59.2K | 148 | 232 |
About Carvana
Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.
In light of the recent options history for Carvana, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Carvana's Current Market Status
- Trading volume stands at 1,810,701, with CVNA's price up by 1.37%, positioned at $83.8.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 22 days.
What The Experts Say On Carvana
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $79.33333333333333.
- An analyst from Evercore ISI Group persists with their In-Line rating on Carvana, maintaining a target price of $78.
- An analyst from Jefferies has elevated its stance to Hold, setting a new price target at $85.
- An analyst from Evercore ISI Group persists with their In-Line rating on Carvana, maintaining a target price of $75.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Carvana, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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