Deep-pocketed investors have adopted a bullish approach towards Carvana (NYSE: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 13 extraordinary options activities for Carvana. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 38% leaning bullish and 38% bearish. Among these notable options, 3 are puts, totaling $258,350, and 10 are calls, amounting to $1,663,694.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $110.0 to $200.0 for Carvana during the past quarter.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Carvana options trades today is 2907.5 with a total volume of 3,165.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Carvana's big money trades within a strike price range of $110.0 to $200.0 over the last 30 days.
Carvana Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | TRADE | BULLISH | 07/26/24 | $23.35 | $22.6 | $23.35 | $110.00 | $632.7K | 9.0K | 733 |
| CVNA | CALL | SWEEP | NEUTRAL | 08/02/24 | $5.6 | $5.6 | $5.6 | $150.00 | $568.4K | 6.8K | 1.1K |
| CVNA | PUT | SWEEP | NEUTRAL | 08/02/24 | $4.5 | $3.5 | $3.9 | $115.00 | $157.6K | 2.5K | 0 |
| CVNA | CALL | SWEEP | BEARISH | 08/02/24 | $13.15 | $12.6 | $12.65 | $131.00 | $126.1K | 258 | 2 |
| CVNA | CALL | SWEEP | BULLISH | 07/26/24 | $23.35 | $22.1 | $23.35 | $110.00 | $70.0K | 9.0K | 702 |
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 868,852, with CVNA's price up by 2.33%, positioned at $133.09.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 9 days.
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.