Carvana Option Alert: Fri $36 Calls Sweep (16) above Ask!: 500 @ $0.529 vs 2578 OI; Ref=$33.445
Portfolio Pulse from Charles Gross
There was a notable options market activity for Carvana (CVNA), where a sweep of 500 call options for a strike price of $36 with a Friday expiration was executed above the asking price, at $0.529 each. This is compared to an open interest of 2578 for these options, with Carvana's stock reference price at $33.445.
November 20, 2023 | 2:51 pm
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A sweep of 500 call options for Carvana with a strike price of $36 was executed above the asking price, indicating bullish sentiment among traders. This could lead to increased volatility and potentially a short-term increase in CVNA's stock price.
The purchase of a large volume of call options at a strike price above the current stock price suggests that traders are expecting Carvana's stock to rise in the short term. This could be due to anticipated positive news or other factors that could drive the stock price up. The fact that these options were bought above the asking price indicates a sense of urgency or strong conviction among buyers, which could lead to increased demand for the stock. However, options activity is just one of many indicators and does not guarantee stock movement.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80