CVNA calls – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- CVNA Dec 15, 2023 $40 calls near $1.40
- Stop: Close under $34
- Target 1: $40
- Target 2: $44
My Reasoning:
Last week, I was helped by the extreme short interest in AFRM to help drive it higher. That was one of the biggest reasons I picked it, if you recall.
We also saw other high short-interest stocks like GME, UPST, and BYND make substantial gains lately as the market is putting the pressure on short sellers in those names.
This week, I am going to stick with this trend and target one of my favorite high-short-interest stocks.
This stock has a reported short float of nearly 40%!
It also got an upgrade today from JP Morgan. I have no idea why they would do that on this piece of junk, but it is giving the stock a little more fuel.