Option traders moderately bearish in Carvana with shares down 0.13%

Option traders moderately bearish in Carvana (CVNA), with shares down 52c near $401.48. Options volume roughly in line with average with 37k contracts traded and calls leading puts for a put/call ratio of 0.82, compared to a typical level near 1.35. Implied volatility (IV30) is higher by 0.8 points near 84.44,in the top quartile of the past year, suggesting an expected daily move of $21.35. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Carvana (CVNA) will report earnings after the close on 2026-04-29.Option markets are pricing in a 50% probability of a move greater than 14.57% or $58.50.