Check Out What Whales Are Doing With CVNA

Deep-pocketed investors have adopted a bearish 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 25 extraordinary options activities for Carvana. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 44% leaning bullish and 52% bearish. Among these notable options, 12 are puts, totaling $571,873, and 13 are calls, amounting to $929,883.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $148.0 and $230.0 for Carvana, spanning the last 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 $148.0 to $230.0, over the past month.

Carvana Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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.

Current Position of Carvana

• Trading volume stands at 955,428, with CVNA's price down by -0.38%, positioned at $157.39.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 65 days.

Expert Opinions on Carvana

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $165.6.

• An analyst from BTIG has decided to maintain their Buy rating on Carvana, which currently sits at a price target of $188.
• In a positive move, an analyst from Wells Fargo has upgraded their rating to Overweight and adjusted the price target to $175.
• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Underweight rating for Carvana, targeting a price of $110.
• An analyst from Needham has decided to maintain their Buy rating on Carvana, which currently sits at a price target of $200.
• Consistent in their evaluation, an analyst from DA Davidson keeps a Neutral rating on Carvana with a target price of $155.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Carvana options trades with real-time alerts from Benzinga Pro.