Option traders moderately bearish in Carvana (CVNA), with shares down 86c near $335.47. Options volume roughly in line with average with 17k contracts traded and puts leading calls for a put/call ratio of 3.09, compared to a typical level near 0.88. Implied volatility (IV30) dropped 0.21 near 69.51,and above the 52wk median, suggesting an expected daily move of $14.69. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Outperform at Oppenheimer.Looking ahead: Carvana (CVNA) will report earnings after the close on 2025-07-30.Option markets are pricing in a 50% probability of a move greater than 14.33% or $48.09.
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