A whale with a lot of money to spend has taken a noticeably bearish stance on Macy's.
Looking at options history for Macy's (NYSE:M) we detected 16 strange trades.
If we consider the specifics of each trade, it is accurate to state that 18% of the investors opened trades with bullish expectations and 81% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $179,188 and 12, calls, for a total amount of $676,263.
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 $18.0 to $27.0 for Macy's over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Macy's options trades today is 1576.27 with a total volume of 11,728.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Macy's's big money trades within a strike price range of $18.0 to $27.0 over the last 30 days.
Macy's 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 |
|---|---|---|---|---|---|---|---|---|
| M | CALL | SWEEP | BEARISH | 01/20/23 | $27.00 | $297.0K | 2.3K | 1.0K |
| M | CALL | TRADE | BEARISH | 01/19/24 | $20.00 | $77.6K | 3.4K | 98 |
| M | PUT | SWEEP | BEARISH | 03/18/22 | $24.00 | $65.1K | 2.4K | 362 |
| M | PUT | SWEEP | BEARISH | 03/11/22 | $21.00 | $53.0K | 20 | 1.0K |
| M | CALL | SWEEP | BULLISH | 03/18/22 | $18.00 | $34.2K | 229 | 0 |
Where Is Macy's Standing Right Now?
- With a volume of 13,091,981, the price of M is down -2.64% at $23.77.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 83 days.
What The Experts Say On Macy's:
- Deutsche Bank has decided to maintain their Hold rating on Macy's, which currently sits at a price target of $34.
- Credit Suisse has decided to maintain their Underperform rating on Macy's, which currently sits at a price target of $25.
- Evercore ISI Group upgraded its action to Outperform with a price target of $50
- Telsey Advisory Group has decided to maintain their Market Perform rating on Macy's, which currently sits at a price target of $30.
- Morgan Stanley has decided to maintain their Underweight rating on Macy's, which currently sits at a price target of $20.
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.
