Carvana Stock Nears 26-Month High, Clears $125 Mark Amid Strong Sales and Insider Selling

Carvana ($CVNA) is experiencing significant market activity, with its stock nearing a 26-month high and achieving its best year-over-year weekly sales comparison since 2022. The stock has recently cleared the $125 mark, with large purchases of July $125 calls indicating strong investor interest. Despite this, there are concerns about potential losses in Q2 2024 due to its holdings in Root ($ROOT), which had previously boosted earnings in Q1 2024. Additionally, there have been reports of insider selling, and some market participants are anticipating a potential guidance raise before the next earnings announcement.