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Carvana's Options: A Look at What the Big Money is Thinking

Author: Benzinga Insights | October 27, 2025 01:01pm

Whales with a lot of money to spend have taken a noticeably bearish stance on Carvana.

Looking at options history for Carvana (NYSE:CVNA) we detected 96 trades.

If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 43% with bearish.

From the overall spotted trades, 22 are puts, for a total amount of $899,324 and 74, calls, for a total amount of $4,714,278.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $80.0 to $590.0 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 $80.0 to $590.0, over the past month.

Carvana 30-Day Option Volume & Interest Snapshot

Options Call Chart

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 NEUTRAL 03/20/26 $143.9 $142.35 $142.35 $230.00 $370.6K 49 28
CVNA CALL SWEEP BULLISH 03/20/26 $134.95 $133.15 $134.95 $240.00 $202.3K 44 17
CVNA PUT TRADE NEUTRAL 10/31/25 $23.4 $22.0 $22.7 $350.00 $170.2K 315 160
CVNA CALL SWEEP NEUTRAL 04/17/26 $154.8 $153.15 $153.15 $220.00 $168.5K 6 12
CVNA CALL SWEEP BULLISH 05/15/26 $185.0 $182.55 $185.0 $185.00 $129.3K 0 7

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 965,955, with CVNA's price up by 0.82%, positioned at $354.08.
  • RSI indicators show the stock to be is currently neutral between overbought and oversold.
  • Earnings announcement expected in 2 days.

What Analysts Are Saying About Carvana

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $473.0.

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. * In a cautious move, an analyst from BTIG downgraded its rating to Buy, setting a price target of $450. * In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $500. * In a positive move, an analyst from Jefferies has upgraded their rating to Buy and adjusted the price target to $475. * An analyst from BTIG has revised its rating downward to Buy, adjusting the price target to $450. * An analyst from JP Morgan has decided to maintain their Overweight rating on Carvana, which currently sits at a price target of $490.

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.

Posted In: CVNA

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