Carvana's Stock Options Volume Soars, Ranks Fifth-Busiest Single Stock Option

Carvana Co. CVNA shares rose sharply on Thursday after the company announced an improved second quarter 2023 outlook, with profits expected over $50 million.

On CNBC’s "Options Action,"  Mike Khouw of Optimize Advisors said Carvana traded over 6x average daily options volume and was the fifth-busiest single stock option on Thursday.

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There was a buyer of 3,000 of the June 22-calls at an average price of $3.10 per contract, Khouw mentioned.

The trader expects Carvana’s stock to remain above $25.10 through next Friday.

Carvana announced the company expects to reach an adjusted EBITDA of more than $50 million in the second quarter of 2023. The company expects adjusted gross profit per unit to be above $6,000, which is 63% higher than the same quarter one year ago.

Price Action: Carvana shares jumped 56% to close at $24.23 on Thursday, and added 4% in Friday's premarket trading session.

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