Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Benzinga Insights

This Is What Whales Are Betting On Carvana

Someone with a lot of money to spend has taken a bearish stance on Carvana (NYSE:CVNA).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CVNA, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 40 uncommon options trades for Carvana.

This isn't normal.

The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.

Out of all of the special options we uncovered, 33 are puts, for a total amount of $3,400,356, and 7 are calls, for a total amount of $414,230.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $310.0 for Carvana over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $60.0 to $310.0 in the last 30 days.

Carvana Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
CVNA PUT TRADE NEUTRAL 01/20/23 $60.00 $922.5K 193 967
CVNA PUT TRADE NEUTRAL 01/20/23 $60.00 $874.2K 193 1.9K
CVNA CALL SWEEP BULLISH 03/25/22 $110.00 $165.0K 88 217
CVNA PUT TRADE BEARISH 09/16/22 $100.00 $106.0K 48 93
CVNA PUT TRADE NEUTRAL 03/18/22 $310.00 $98.3K 19 6

Where Is Carvana Standing Right Now?

  • With a volume of 3,577,162, the price of CVNA is up 14.21% at $120.47.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 51 days.

What The Experts Say On Carvana:

  • RBC Capital has decided to maintain their Outperform rating on Carvana, which currently sits at a price target of $155.
  • Stephens & Co. has decided to maintain their Equal-Weight rating on Carvana, which currently sits at a price target of $167.
  • Needham has decided to maintain their Buy rating on Carvana, which currently sits at a price target of $222.
  • Deutsche Bank has decided to maintain their Hold rating on Carvana, which currently sits at a price target of $130.
  • Morgan Stanley has decided to maintain their Overweight rating on Carvana, which currently sits at a price target of $360.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.