Someone with a lot of money to spend has taken a bearish stance on Carvana CVNA.
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, 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 this whale just did?
Today, Benzinga's options scanner spotted 107 uncommon options trades for Carvana.
This isn't normal.
The overall sentiment of these big-money traders is split between 42% bullish and 57%, bearish.
Out of all of the special options we uncovered, 84 are puts, for a total amount of $6,120,625, and 23 are calls, for a total amount of $1,395,360.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $210.0 for Carvana over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Carvana options trades today is 1162.88 with a total volume of 195,636.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Carvana's big money trades within a strike price range of $40.0 to $210.0 over the last 30 days.
Carvana Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | TRADE | BULLISH | 06/17/22 | $40.00 | $309.0K | 3 | 111 |
| CVNA | PUT | SWEEP | BEARISH | 01/20/23 | $40.00 | $216.0K | 17 | 2.3K |
| CVNA | PUT | SWEEP | BULLISH | 06/17/22 | $75.00 | $198.7K | 1.7K | 712 |
| CVNA | PUT | SWEEP | BULLISH | 05/20/22 | $70.00 | $186.1K | 4.3K | 441 |
| CVNA | PUT | TRADE | BEARISH | 06/17/22 | $90.00 | $117.6K | 655 | 53 |
Where Is Carvana Standing Right Now?
- With a volume of 20,357,199, the price of CVNA is down -6.03% at $66.24.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 99 days.
What The Experts Say On Carvana:
- Piper Sandler has decided to maintain their Neutral rating on Carvana, which currently sits at a price target of $130.
- RBC Capital has decided to maintain their Sector Perform rating on Carvana, which currently sits at a price target of $85.
- Wedbush has decided to maintain their Outperform rating on Carvana, which currently sits at a price target of $120.
- Needham has decided to maintain their Buy rating on Carvana, which currently sits at a price target of $121.
- Cowen & Co. has decided to maintain their Outperform rating on Carvana, which currently sits at a price target of $230.
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 {d[company_name]}, Benzinga Progives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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