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 19 strange trades.
If we consider the specifics of each trade, it is accurate to state that 21% of the investors opened trades with bullish expectations and 78% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $635,539 and 9, calls, for a total amount of $471,327.
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 $21.0 to $90.0 for Shopify over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Shopify options trades today is 1799.5 with a total volume of 8,967.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Shopify's big money trades within a strike price range of $21.0 to $90.0 over 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 | TRADE | BEARISH | 09/16/22 | $90.00 | $114.0K | 110 | 50 |
| SHOP | PUT | TRADE | BEARISH | 09/16/22 | $90.00 | $114.0K | 110 | 30 |
| SHOP | PUT | TRADE | BULLISH | 10/21/22 | $50.00 | $95.4K | 2.2K | 109 |
| SHOP | CALL | SWEEP | NEUTRAL | 01/19/24 | $47.00 | $84.3K | 331 | 1.3K |
| SHOP | PUT | TRADE | BULLISH | 08/19/22 | $33.00 | $72.5K | 523 | 355 |
Where Is Shopify Standing Right Now?
- With a volume of 8,921,706, the price of SHOP is down -7.08% at $33.05.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 16 days.
What The Experts Say On Shopify:
- Oppenheimer has decided to maintain their Outperform rating on Shopify, which currently sits at a price target of $50.
- Truist Securities has decided to maintain their Hold rating on Shopify, which currently sits at a price target of $35.
- Morgan Stanley has decided to maintain their Equal-Weight rating on Shopify, which currently sits at a price target of $45.
- RBC Capital has decided to maintain their Outperform rating on Shopify, which currently sits at a price target of $700.
- Morgan Stanley downgraded its action to Equal-Weight with a price target of $450
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 want to stay updated on the latest options trades for Shopify, Benzinga Pro gives you real-time options trades alerts.
