Carvana Unusual Options Activity For February 14
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown unusual options activity in Carvana (NYSE:CVNA), with a bullish sentiment prevailing among 63% of them. The activity highlighted by Benzinga's options scanner includes 11 significant trades, with 7 calls totaling $512,414 and 4 puts at $173,756. These trades suggest a price target range for CVNA between $45.0 and $75.0 over the next three months. Currently, CVNA's stock is up 2.46% at $53.25, with an RSI indicating it may be approaching overbought territory. An analyst from JMP Securities has recently downgraded CVNA to Market Outperform with a price target of $60.
February 14, 2024 | 4:45 pm
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Carvana has seen significant options activity indicating a bullish sentiment among investors, with a price target range set between $45 and $75. The stock is currently up, but an analyst downgrade suggests caution.
The unusual options activity, with a majority leaning bullish, suggests a positive short-term outlook for CVNA. However, the recent analyst downgrade and the RSI approaching overbought territory could temper expectations. The significant volume of calls over puts further supports the bullish sentiment, but investors should remain cautious due to the mixed signals.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100