This Is What Whales Are Betting On Shopify

Deep-pocketed investors have adopted a bullish approach towards Shopify SHOP, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SHOP usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 21 extraordinary options activities for Shopify. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 47% leaning bullish and 47% bearish. Among these notable options, 12 are puts, totaling $489,307, and 9 are calls, amounting to $454,077.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $55.0 and $120.0 for Shopify, spanning the last three months.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Shopify's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Shopify's significant trades, within a strike price range of $55.0 to $120.0, over the past month.

Shopify Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Shopify

Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Having examined the options trading patterns of Shopify, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of Shopify

• With a trading volume of 2,142,848, the price of SHOP is up by 1.3%, reaching $79.46.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 7 days from now.

Expert Opinions on Shopify

4 market experts have recently issued ratings for this stock, with a consensus target price of $90.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Perform rating on Shopify with a target price of $80. * Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Shopify, targeting a price of $100. * An analyst from Loop Capital persists with their Hold rating on Shopify, maintaining a target price of $90. * Maintaining their stance, an analyst from Baird continues to hold a Outperform rating for Shopify, targeting a price of $90.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Shopify options trades with real-time alerts from Benzinga Pro.