Investors with a lot of money to spend have taken a bearish stance on Carvana (NYSE:CVNA).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, 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 these investors just did?
Today, Benzinga‘s options scanner spotted 64 uncommon options trades for Carvana.
This isn’t normal.
The overall sentiment of these big-money traders is split between 42% bullish and 46%, bearish.
Out of all of the special options we uncovered, 36 are puts, for a total amount of $3,397,587, and 28 are calls, for a total amount of $7,092,953.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $100.0 to $610.0 for Carvana over the recent three months.
Analyzing Volume & Open Interest
In today’s trading context, the average open interest for options of Carvana stands at 712.37, with a total volume reaching 14,537.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Carvana, situated within the strike price corridor from $100.0 to $610.0, throughout the last 30 days.
Carvana Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | PUT | SWEEP | BEARISH | 11/21/25 | $13.25 | $11.8 | $13.11 | $300.00 | $1.3M | 3.5K | 2.0K |
| CVNA | CALL | SWEEP | BEARISH | 11/21/25 | $13.7 | $13.0 | $13.0 | $315.00 | $1.2M | 157 | 1.0K |
| CVNA | CALL | SWEEP | BEARISH | 11/21/25 | $10.05 | $9.7 | $9.7 | $315.00 | $944.7K | 157 | 2.0K |
| CVNA | PUT | SWEEP | BULLISH | 11/14/25 | $33.2 | $31.1 | $31.05 | $325.00 | $385.0K | 175 | 140 |
| CVNA | CALL | SWEEP | BEARISH | 12/19/25 | $31.05 | $31.0 | $31.0 | $290.00 | $117.8K | 28 | 50 |
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.
Following our analysis of the options activities associated with Carvana, we pivot to a closer look at the company’s own performance.
Carvana’s Current Market Status
- Trading volume stands at 1,489,889, with CVNA’s price down by -4.63%, positioned at $295.34.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 104 days.
Expert Opinions on Carvana
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $478.0.
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* An analyst from Needham downgraded its action to Buy with a price target of $500.
* An analyst from BTIG downgraded its action to Buy with a price target of $450.
* An analyst from BTIG has revised its rating downward to Buy, adjusting the price target to $450.
* In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $500.
* Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Carvana, targeting a price of $490.
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.
If you want to stay updated on the latest options trades for Carvana, Benzinga Pro gives you real-time options trades alerts.
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