Financial giants have made a conspicuous bearish move on Carvana. Our analysis of options history for Carvana CVNA revealed 20 unusual trades.
Delving into the details, we found 30% of traders were bullish, while 65% showed bearish tendencies. Out of all the trades we spotted, 14 were puts, with a value of $529,400, and 6 were calls, valued at $304,650.
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 $140.0 for Carvana, spanning the last three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Carvana stands at 1448.29, with a total volume reaching 6,969.00. 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 $25.0 to $140.0, throughout the last 30 days.
Carvana Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | PUT | TRADE | BULLISH | 10/18/24 | $12.9 | $12.05 | $12.05 | $130.00 | $83.1K | 1.5K | 69 |
| CVNA | CALL | SWEEP | BULLISH | 08/09/24 | $1.5 | $1.33 | $1.5 | $140.00 | $75.0K | 2.0K | 1.6K |
| CVNA | CALL | TRADE | BEARISH | 01/17/25 | $61.0 | $59.25 | $59.75 | $85.00 | $59.7K | 1.6K | 0 |
| CVNA | CALL | TRADE | BULLISH | 01/17/25 | $113.0 | $111.75 | $113.0 | $25.00 | $56.5K | 827 | 5 |
| CVNA | PUT | TRADE | BEARISH | 10/18/24 | $12.7 | $11.9 | $12.4 | $130.00 | $53.3K | 1.5K | 351 |
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.
After a thorough review of the options trading surrounding Carvana, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Carvana
- With a trading volume of 458,526, the price of CVNA is down by -1.08%, reaching $137.45.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 85 days from now.
What The Experts Say On Carvana
5 market experts have recently issued ratings for this stock, with a consensus target price of $162.6.
- An analyst from TD Cowen persists with their Hold rating on Carvana, maintaining a target price of $148.
- Maintaining their stance, an analyst from Morgan Stanley continues to hold a Underweight rating for Carvana, targeting a price of $110.
- An analyst from Needham persists with their Buy rating on Carvana, maintaining a target price of $200.
- Consistent in their evaluation, an analyst from JMP Securities keeps a Market Outperform rating on Carvana with a target price of $200.
- An analyst from BTIG has revised its rating downward to Buy, adjusting the price target to $155.
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.
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