Market Whales and Their Recent Bets on CVNA Options

Investors with a lot of money to spend have taken a bullish 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 15 uncommon options trades for Carvana.

This isn't normal.

The overall sentiment of these big-money traders is split between 26% bullish and 26%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $253,454, and 10 are calls, for a total amount of $762,434.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $280.0 to $400.0 for Carvana during the past quarter.

Volume & Open Interest Development

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 $280.0 to $400.0, over the past month.

Carvana Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

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.

Carvana's Current Market Status

• Currently trading with a volume of 129,263, the CVNA's price is up by 1.0%, now at $349.39.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 21 days.

Expert Opinions on Carvana

5 market experts have recently issued ratings for this stock, with a consensus target price of $366.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from Evercore ISI Group keeps a In-Line rating on Carvana with a target price of $295. * Maintaining their stance, an analyst from Evercore ISI Group continues to hold a In-Line rating for Carvana, targeting a price of $305. * An analyst from Citigroup has decided to maintain their Buy rating on Carvana, which currently sits at a price target of $415. * Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Carvana with a target price of $375. * Maintaining their stance, an analyst from JMP Securities continues to hold a Market Outperform rating for Carvana, targeting a price of $440.

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.