A Closer Look at Carvana's Options Market Dynamics

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 9 extraordinary options activities for Carvana. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 33% leaning bullish and 44% bearish. Among these notable options, 5 are puts, totaling $1,539,785, and 4 are calls, amounting to $122,540.

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Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $175.0 to $370.0 for Carvana during the past quarter.

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 $175.0 to $370.0, over the past month.

Carvana Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

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.

Carvana's Current Market Status

• Trading volume stands at 220,671, with CVNA's price up by 0.99%, positioned at $295.0.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 69 days.

Professional Analyst Ratings for Carvana

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $308.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Baird persists with their Neutral rating on Carvana, maintaining a target price of $275. * An analyst from Citigroup persists with their Buy rating on Carvana, maintaining a target price of $325. * An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $340. * An analyst from Wells Fargo has decided to maintain their Overweight rating on Carvana, which currently sits at a price target of $290. * Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Carvana with a target price of $310.

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.