Option traders moderately bearish in Carvana with shares down 2.69%

Option traders moderately bearish in Carvana (CVNA), with shares down $11.21 near $405.58. Options volume relatively light with 8834 contracts traded and calls leading puts for a put/call ratio of 0.57, compared to a typical level near 1.03. Implied volatility (IV30) is higher by 0.7 points near 84.1,in the top quartile of the past year, suggesting an expected daily move of $21.49. 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 12.21% or $49.50.