Bearish flow noted in Carvana (CVNA) with 18,392 puts trading, or 1.4x expected. Most active are Mar-25 160 puts and 4/4 weekly 220 calls, with total volume in those strikes near 11,600 contracts. The Put/Call Ratio is 1.75, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 30th.
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