Option traders moderately bearish in Carvana (CVNA), with shares up $2.84, or 0.9%, near $316.75. Options volume relatively light with 26k contracts traded and puts leading calls for a put/call ratio of 1.01, compared to a typical level near 1.55. Implied volatility (IV30) is higher by 3.1 points near 90.72, in the highest 10% of observations over the past year, suggesting an expected daily move of $18.10. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at BofA.
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