Financial giants have made a conspicuous bearish move on Carvana. Our analysis of options history for Carvana CVNA revealed 29 unusual trades.
Delving into the details, we found 31% of traders were bullish, while 48% showed bearish tendencies. Out of all the trades we spotted, 8 were puts, with a value of $765,976, and 21 were calls, valued at $1,814,556.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $85.0 to $200.0 for Carvana over the recent three months.
Analyzing 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 $85.0 to $200.0, over the past month.
Carvana Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | PUT | SWEEP | BEARISH | 08/16/24 | $7.2 | $5.85 | $7.2 | $135.00 | $342.9K | 379 | 512 |
| CVNA | CALL | SWEEP | BEARISH | 08/16/24 | $3.7 | $3.35 | $3.46 | $135.00 | $337.2K | 1.4K | 1.0K |
| CVNA | CALL | TRADE | BEARISH | 08/16/24 | $48.25 | $47.8 | $47.8 | $85.00 | $239.0K | 559 | 50 |
| CVNA | CALL | SWEEP | BULLISH | 11/15/24 | $20.9 | $20.6 | $20.9 | $135.00 | $131.6K | 196 | 67 |
| CVNA | CALL | SWEEP | NEUTRAL | 10/18/24 | $9.9 | $9.7 | $9.8 | $150.00 | $131.5K | 349 | 848 |
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.
Current Position of Carvana
- With a trading volume of 1,667,841, the price of CVNA is up by 2.59%, reaching $136.87.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 83 days from now.
Expert Opinions on Carvana
In the last month, 5 experts released ratings on this stock with an average target price of $156.4.
- An analyst from JMP Securities persists with their Market Outperform rating on Carvana, maintaining a target price of $200.
- An analyst from Wells Fargo upgraded its action to Overweight with a price target of $175.
- Consistent in their evaluation, an analyst from Morgan Stanley keeps a Underweight rating on Carvana with a target price of $110.
- Consistent in their evaluation, an analyst from DA Davidson keeps a Neutral rating on Carvana with a target price of $155.
- An analyst from Evercore ISI Group persists with their In-Line rating on Carvana, maintaining a target price of $142.
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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