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 12 options trades for Carvana. This is not a typical pattern.
The sentiment among these major traders is split, with 58% bullish and 41% bearish. Among all the options we identified, there was one put, amounting to $29,700, and 11 calls, totaling $1,737,572.
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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 $25.0 and $57.5 for Carvana, spanning the last three months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Carvana's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Carvana's substantial trades, within a strike price spectrum from $25.0 to $57.5 over the preceding 30 days.
Carvana Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | TRADE | BEARISH | 04/19/24 | $55.00 | $1.0M | 887 | 1.4K |
| CVNA | CALL | TRADE | BULLISH | 04/19/24 | $50.00 | $217.1K | 870 | 342 |
| CVNA | CALL | SWEEP | BULLISH | 04/19/24 | $50.00 | $77.4K | 870 | 575 |
| CVNA | CALL | SWEEP | BEARISH | 01/19/24 | $57.50 | $58.8K | 4.8K | 1.0K |
| CVNA | CALL | SWEEP | BEARISH | 01/19/24 | $57.50 | $56.2K | 4.8K | 2.0K |
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.
Having examined the options trading patterns of Carvana, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Carvana Standing Right Now?
- Currently trading with a volume of 1,523,226, the CVNA's price is down by -0.28%, now at $46.74.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 45 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Carvana with Benzinga Pro for real-time alerts.
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