Option traders moderately bearish in Carvana with shares down 1.65%

Option traders moderately bearish in Carvana (CVNA), with shares down $6.70 near $400.03. Options volume relatively light with 6412 contracts traded and puts leading calls for a put/call ratio of 1.71, compared to a typical level near 1.11. Implied volatility (IV30) is higher by 0.5 points near 85.28,in the top quartile of the past year, suggesting an expected daily move of $21.49. Put-call skew flattened, suggesting a modestly bullish tone.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 15.09% or $60.38.