Market Whales and Their Recent Bets on CVNA Options

High-rolling investors have positioned themselves bullish on Carvana CVNA, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in CVNA often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 10 options trades for Carvana. This is not a typical pattern.

The sentiment among these major traders is split, with 50% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $28,000, and 9 calls, totaling $796,290.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $101.0 to $114.0 for Carvana over the last 3 months.

Insights into Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Carvana's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Carvana's significant trades, within a strike price range of $101.0 to $114.0, over the past month.

Carvana Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
CVNA CALL SWEEP BULLISH 08/16/24 $12.75 $12.55 $12.75 $110.00 $191.2K 3.2K 615
CVNA CALL TRADE BEARISH 08/16/24 $12.3 $12.0 $12.0 $110.00 $120.0K 3.2K 401
CVNA CALL SWEEP BEARISH 08/16/24 $11.8 $10.95 $11.8 $110.00 $118.0K 3.2K 300
CVNA CALL SWEEP BULLISH 08/16/24 $11.9 $10.95 $11.6 $110.00 $116.0K 3.2K 200
CVNA CALL TRADE BEARISH 08/16/24 $13.1 $12.5 $12.5 $110.00 $62.5K 3.2K 401

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.

Following our analysis of the options activities associated with Carvana, we pivot to a closer look at the company's own performance.

Where Is Carvana Standing Right Now?

  • Currently trading with a volume of 1,074,437, the CVNA's price is up by 3.17%, now at $104.3.
  • RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
  • Anticipated earnings release is in 42 days.

Professional Analyst Ratings for Carvana

1 market experts have recently issued ratings for this stock, with a consensus target price of $135.0.

  • An analyst from JMP Securities has revised its rating downward to Market Outperform, adjusting the price target to $135.

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.

Market News and Data brought to you by Benzinga APIs
Date of Trade
Strike Price
Posted In: OptionsMarketsBZI-UOA
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!