Deep-pocketed investors have adopted a bearish approach towards Bank of America BAC, 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 BAC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 7% leaning bullish and 92% bearish. Among these notable options, 5 are puts, totaling $753,043, and 8 are calls, amounting to $524,614.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $18.0 to $42.0 for Bank of America during the past quarter.
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 Bank of America'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 Bank of America's whale trades within a strike price range from $18.0 to $42.0 in the last 30 days.
Bank of America 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 |
|---|---|---|---|---|---|---|---|---|
| BAC | PUT | SWEEP | BEARISH | 09/20/24 | $35.00 | $431.7K | 29.5K | 1.4K |
| BAC | PUT | SWEEP | BEARISH | 06/20/25 | $42.00 | $175.7K | 782 | 292 |
| BAC | CALL | SWEEP | BEARISH | 08/16/24 | $37.00 | $133.0K | 8.3K | 1.1K |
| BAC | CALL | SWEEP | BEARISH | 08/16/24 | $37.00 | $128.0K | 8.3K | 1.1K |
| BAC | CALL | TRADE | BEARISH | 01/17/25 | $28.00 | $79.5K | 22.7K | 102 |
About Bank of America
Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily U.S.-focused.
Where Is Bank of America Standing Right Now?
- With a volume of 4,157,416, the price of BAC is down -0.5% at $34.11.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 48 days.
Expert Opinions on Bank of America
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $45.5.
- Maintaining their stance, an analyst from Oppenheimer continues to hold a Outperform rating for Bank of America, targeting a price of $50.
- An analyst from Morgan Stanley upgraded its action to Overweight with a price target of $41.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Bank of America with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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