Whales with a lot of money to spend have taken a noticeably bearish stance on Carvana.
Looking at options history for Carvana CVNA we detected 20 trades.
If we consider the specifics of each trade, it is accurate to state that 30% of the investors opened trades with bullish expectations and 65% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $199,330 and 15, calls, for a total amount of $1,184,782.
Projected Price Targets
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 $170.0 for Carvana over the last 3 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 $80.0 to $170.0, over the past month.
Carvana 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | SWEEP | BEARISH | 07/05/24 | $2.07 | $1.34 | $1.44 | $120.00 | $164.9K | 64 | 1.0K |
| CVNA | CALL | SWEEP | BEARISH | 07/05/24 | $2.09 | $1.35 | $1.35 | $120.00 | $151.2K | 64 | 0 |
| CVNA | CALL | SWEEP | BEARISH | 07/19/24 | $2.14 | $1.19 | $1.18 | $130.00 | $139.1K | 5.7K | 14 |
| CVNA | CALL | SWEEP | NEUTRAL | 06/28/24 | $2.77 | $2.37 | $2.58 | $110.00 | $129.7K | 1.2K | 11 |
| CVNA | CALL | TRADE | BULLISH | 07/05/24 | $1.33 | $0.99 | $1.33 | $120.00 | $96.2K | 64 | 2.4K |
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.
Where Is Carvana Standing Right Now?
- Trading volume stands at 726,248, with CVNA's price down by -2.72%, positioned at $103.84.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 33 days.
Professional Analyst Ratings for Carvana
In the last month, 2 experts released ratings on this stock with an average target price of $150.0.
- Maintaining their stance, an analyst from JMP Securities continues to hold a Market Outperform rating for Carvana, targeting a price of $150.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Carvana, targeting a price of $150.
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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