Close the Carvana Puts for a 87% Profit

We bought the June 2022 $60 Puts on CVNA for $6.40 last Tuesday, and we sold them today for $12.00 realizing a profit of 87.5% in exactly 1 week. The stock may continue to go lower, however we're locking in a profit on this trade and bookling a solid return. 

If you're thinking of going long CVNA, we wouldn't recommend that as the company has major headwinds based on our previous mention of why we bought Puts in the first place.  We also remain short CVNA in our Long/Short Portfolio.