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High-rolling investors have positioned themselves bearish on Carvana (NYSE:CVNA), and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in CVNA often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 11 options trades for Carvana. This is not a typical pattern.
The sentiment among these major traders is split, with 36% bullish and 54% bearish. Among all the options we identified, there was one put, amounting to $37,920, and 10 calls, totaling $672,106.
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $130.0 for Carvana over the last 3 months.
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 $100.0 to $130.0 in the last 30 days.
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | SWEEP | BEARISH | 06/28/24 | $5.2 | $5.0 | $5.0 | $113.00 | $126.5K | 1.2K | 1.1K |
| CVNA | CALL | SWEEP | BEARISH | 07/19/24 | $2.99 | $2.87 | $2.91 | $130.00 | $107.8K | 8.2K | 187 |
| CVNA | CALL | SWEEP | NEUTRAL | 07/05/24 | $2.95 | $2.74 | $2.86 | $120.00 | $105.9K | 4.5K | 298 |
| CVNA | CALL | TRADE | BULLISH | 08/02/24 | $8.0 | $7.55 | $8.0 | $130.00 | $64.0K | 30 | 200 |
| CVNA | CALL | TRADE | BEARISH | 08/02/24 | $8.4 | $8.0 | $8.0 | $130.00 | $64.0K | 30 | 200 |
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.
In light of the recent options history for Carvana, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $139.33333333333334.
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.
Posted In: CVNA
