A whale with a lot of money to spend has taken a noticeably bearish stance on Shopify.
Looking at options history for Shopify (NYSE:SHOP) we detected 59 strange trades.
If we consider the specifics of each trade, it is accurate to state that 37% of the investors opened trades with bullish expectations and 62% with bearish.
From the overall spotted trades, 35 are puts, for a total amount of $3,126,165 and 24, calls, for a total amount of $1,124,825.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $400.0 to $1280.0 for Shopify over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Shopify's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Shopify's whale trades within a strike price range from $400.0 to $1280.0 in the last 30 days.
Shopify Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SHOP | PUT | SWEEP | BULLISH | 06/17/22 | $980.00 | $801.8K | 174 | 23 |
| SHOP | PUT | TRADE | BEARISH | 09/16/22 | $900.00 | $311.9K | 67 | 9 |
| SHOP | PUT | SWEEP | BEARISH | 03/11/22 | $560.00 | $288.0K | 201 | 216 |
| SHOP | PUT | TRADE | NEUTRAL | 03/18/22 | $915.00 | $217.5K | 58 | 9 |
| SHOP | PUT | TRADE | NEUTRAL | 03/18/22 | $1280.00 | $145.4K | 3 | 0 |
Where Is Shopify Standing Right Now?
- With a volume of 1,432,787, the price of SHOP is up 10.28% at $567.89.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 49 days.
What The Experts Say On Shopify:
- Keybanc has decided to maintain their Overweight rating on Shopify, which currently sits at a price target of $1150.
- Citigroup has decided to maintain their Neutral rating on Shopify, which currently sits at a price target of $882.
- Morgan Stanley has decided to maintain their Equal-Weight rating on Shopify, which currently sits at a price target of $1075.
- Morgan Stanley has decided to maintain their Equal-Weight rating on Shopify, which currently sits at a price target of $1150.
- Roth Capital downgraded its action to Neutral with a price target of $850
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.
