On March 9, 2023 at 13:42:54 ET an unusually large $167.38K block of Put contracts in Carvana (CVNA) was bought, with a strike price of $9.00 / share, expiring in 8 days (on March 17, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.63 sigmas above the mean, placing it in the 95.24 percentile of all recent large trades made in CVNA options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 7.57% Upside

As of March 8, 2023, the average one-year price target for Carvana is $9.52. The forecasts range from a low of $1.01 to a high of $21.00. The average price target represents an increase of 7.57% from its latest reported closing price of $8.85.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Carvana is $14,551MM, an increase of 6.96%. The projected annual non-GAAP EPS is -$7.50.

What is the Fund Sentiment?

There are 515 funds or institutions reporting positions in Carvana. This is a decrease of 116 owner(s) or 18.38% in the last quarter. Average portfolio weight of all funds dedicated to CVNA is 0.18%, a decrease of 59.05%. Total shares owned by institutions decreased in the last three months by 2.06% to 136,828K shares. The put/call ratio of CVNA is 0.92, indicating a bullish outlook.

What are Large Shareholders Doing?

Baillie Gifford & holds 14,169K shares representing 13.36% ownership of the company. In it’s prior filing, the firm reported owning 14,144K shares, representing an increase of 0.17%. The firm decreased its portfolio allocation in CVNA by 76.36% over the last quarter.

Spruce House Investment Management holds 10,000K shares representing 9.43% ownership of the company. In it’s prior filing, the firm reported owning 6,550K shares, representing an increase of 34.50%. The firm decreased its portfolio allocation in CVNA by 47.56% over the last quarter.

Goldman Sachs Group holds 8,735K shares representing 8.23% ownership of the company. In it’s prior filing, the firm reported owning 744K shares, representing an increase of 91.48%. The firm increased its portfolio allocation in CVNA by 165.37% over the last quarter.

Greenoaks Capital Partners holds 7,370K shares representing 6.95% ownership of the company. In it’s prior filing, the firm reported owning 3,740K shares, representing an increase of 49.25%. The firm increased its portfolio allocation in CVNA by 1.18% over the last quarter.

CAS Investment Partners holds 6,828K shares representing 6.44% ownership of the company. No change in the last quarter.

Carvana Background Information
(This description is provided by the company.)

Founded in 2012 and based in Phoenix, Carvana’s mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 20,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.

This article originally appeared on Fintel

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