Deep-pocketed investors have adopted a bullish approach towards Chewy CHWY, 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 CHWY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Chewy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 4 are puts, totaling $202,352, and 4 are calls, amounting to $111,751.
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 $15.0 to $27.5 for Chewy over the last 3 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 Chewy's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chewy's significant trades, within a strike price range of $15.0 to $27.5, over the past month.
Chewy Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CHWY | PUT | SWEEP | BEARISH | 06/21/24 | $17.50 | $89.4K | 4.2K | 301 |
| CHWY | PUT | TRADE | BULLISH | 04/19/24 | $17.50 | $52.3K | 7.5K | 364 |
| CHWY | PUT | TRADE | BULLISH | 03/08/24 | $17.00 | $32.4K | 481 | 443 |
| CHWY | CALL | SWEEP | BULLISH | 01/16/26 | $15.00 | $28.9K | 914 | 49 |
| CHWY | CALL | TRADE | BULLISH | 01/16/26 | $27.50 | $28.8K | 241 | 203 |
About Chewy
Chewy is the largest e-commerce pet care retailer in the U.S., generating $10.1 billion in 2022 sales across pet food, treats, hard goods, and pharmacy categories. The firm was founded in 2011, acquired by PetSmart in 2017, and tapped public markets as a standalone company in 2019 after spending a couple of years developing under the aegis of the pet superstore chain. The firm generates sales from pet food, treats, over-the-counter medications, medical prescription fulfillment, and hard goods, like crates, leashes, and bowls.
Having examined the options trading patterns of Chewy, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Chewy
- Currently trading with a volume of 4,598,353, the CHWY's price is up by 1.06%, now at $16.26.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 23 days.
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 Chewy, 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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