Option traders moderately bearish in Carvana with shares up 7.47%

Option traders moderately bearish in Carvana (CVNA), with shares up $29.91, or 7.47%, near $430.16. Options volume roughly in line with average with 91k contracts traded and puts leading calls for a put/call ratio of 1.85, compared to a typical level near 1.0. Implied volatility (IV30) is higher by 1.7 points near 50.75,in the bottom quartile of the past year, suggesting an expected daily move of $13.75. Put-call skew steepened, indicating increased demand for downside protection.