Deep-pocketed investors have adopted a bullish approach towards Block SQ, 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 SQ usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 18 extraordinary options activities for Block. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 44% bearish. Among these notable options, 7 are puts, totaling $392,395, and 11 are calls, amounting to $544,856.
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 $35.0 and $85.0 for Block, spanning the last three months.
Volume & Open Interest Trends
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 Block'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 Block's whale trades within a strike price range from $35.0 to $85.0 in the last 30 days.
Block Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | PUT | SWEEP | BULLISH | 02/23/24 | $67.00 | $150.9K | 1.6K | 202 |
| SQ | CALL | SWEEP | BULLISH | 03/22/24 | $65.00 | $114.9K | 407 | 202 |
| SQ | CALL | SWEEP | BULLISH | 01/17/25 | $35.00 | $94.2K | 768 | 50 |
| SQ | CALL | SWEEP | BEARISH | 01/17/25 | $65.00 | $76.2K | 907 | 52 |
| SQ | PUT | SWEEP | BULLISH | 02/23/24 | $67.00 | $70.8K | 1.6K | 431 |
About Block
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2022, Square's payment volume was a little over $200 million.
After a thorough review of the options trading surrounding Block, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Block Standing Right Now?
- Trading volume stands at 3,297,513, with SQ's price down by -4.31%, positioned at $65.87.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 9 days.
Expert Opinions on Block
3 market experts have recently issued ratings for this stock, with a consensus target price of $88.0.
- Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $89.
- Showing optimism, an analyst from Wedbush upgrades its rating to Outperform with a revised price target of $90.
- An analyst from BTIG upgraded its action to Buy with a price target of $85.
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 Block, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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