Deep-pocketed investors have adopted a bullish approach towards Carvana CVNA, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CVNA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Carvana. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 63% leaning bullish and 36% bearish. Among these notable options, 4 are puts, totaling $173,756, and 7 are calls, amounting to $512,414.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $45.0 to $75.0 for Carvana over the recent three months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Carvana's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Carvana's whale activity within a strike price range from $45.0 to $75.0 in the last 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 | SWEEP | BEARISH | 02/23/24 | $62.00 | $235.3K | 3.1K | 855 |
| CVNA | CALL | SWEEP | BULLISH | 02/16/24 | $57.00 | $66.6K | 8.4K | 1.3K |
| CVNA | PUT | SWEEP | BEARISH | 03/15/24 | $45.00 | $64.0K | 4.8K | 348 |
| CVNA | CALL | SWEEP | BULLISH | 02/23/24 | $60.00 | $51.6K | 9.3K | 560 |
| CVNA | CALL | SWEEP | BULLISH | 02/23/24 | $75.00 | $50.2K | 2.0K | 2.5K |
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.
Carvana's Current Market Status
- Currently trading with a volume of 1,985,306, the CVNA's price is up by 2.46%, now at $53.25.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 8 days.
What Analysts Are Saying About Carvana
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $60.0.
- Reflecting concerns, an analyst from JMP Securities lowers its rating to Market Outperform with a new price target of $60.
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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