Option traders moderately bearish in Carvana (CVNA), with shares down $43.48 near $318.05. Options volume more than double the daily average with 186k contracts traded and puts leading calls for a put/call ratio of 1.8, compared to a typical level near 1.37. Implied volatility (IV30) dropped 20.09 near 73.45,and above the 52wk median, suggesting an expected daily move of $14.72. Put-call skew steepened, indicating increased demand for downside protection.The company announced earnings after the close on 2026-02-18with option markets having priced in a move of approximately 17.53%.
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