Carvana Option Alert: May 17 $95 Calls Sweep (33) near the Ask: 611 @ $2.421 vs 1520 OI; Ref=$75.0999
Portfolio Pulse from Charles Gross
A significant option trade was observed for Carvana (CVNA), involving a sweep of 611 May 17 $95 call options at $2.421 each, with the stock reference price at $75.0999. This compares to an open interest of 1520 for these options.
April 23, 2024 | 3:20 pm
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POSITIVE IMPACT
A large volume of May 17 $95 call options for Carvana was purchased, indicating potential investor optimism or speculative interest in CVNA's short-term price increase.
The purchase of a large number of call options at a strike price significantly higher than the current stock price suggests that traders might be anticipating a positive event or news that could drive Carvana's stock price up in the short term. This speculative activity often leads to increased volatility and can have a bullish impact on the stock price, especially if followed by similar trading patterns or positive news about the company.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90