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 23 extraordinary options activities for Carvana. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 56% leaning bullish and 30% bearish. Among these notable options, 14 are puts, totaling $1,096,869, and 9 are calls, amounting to $367,661.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $80.0 to $185.0 for Carvana over the last 3 months.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $80.0 to $185.0 in the last 30 days.
Carvana 30-Day Option Volume & Interest Snapshot
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 | BEARISH | 06/21/24 | $2.25 | $2.14 | $2.24 | $90.00 | $448.0K | 1.9K | 2.0K |
| CVNA | PUT | TRADE | BEARISH | 09/20/24 | $22.8 | $22.65 | $22.8 | $110.00 | $168.7K | 2.4K | 89 |
| CVNA | PUT | TRADE | BULLISH | 06/14/24 | $17.7 | $16.65 | $16.92 | $115.00 | $82.9K | 42 | 209 |
| CVNA | CALL | SWEEP | BULLISH | 01/16/26 | $23.5 | $21.2 | $23.38 | $185.00 | $70.3K | 144 | 0 |
| CVNA | PUT | SWEEP | BULLISH | 06/14/24 | $17.3 | $16.25 | $16.47 | $115.00 | $57.6K | 42 | 71 |
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 volume of 1,806,065, the price of CVNA is down -1.71% at $98.27.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 44 days.
Professional Analyst Ratings for Carvana
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $135.0.
- Reflecting concerns, an analyst from JMP Securities lowers its rating to Market Outperform with a new price target of $135.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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