Whales with a lot of money to spend have taken a noticeably bullish stance on Block.
Looking at options history for Block SQ we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 60% of the investors opened trades with bullish expectations and 40% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $335,066 and 5, calls, for a total amount of $474,128.
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 $70.0 and $95.0 for Block, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Block stands at 7160.0, with a total volume reaching 5,768.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Block, situated within the strike price corridor from $70.0 to $95.0, throughout the last 30 days.
Block 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | CALL | SWEEP | BEARISH | 01/17/25 | $80.00 | $318.0K | 3.5K | 1 |
| SQ | PUT | SWEEP | BULLISH | 05/17/24 | $70.00 | $102.0K | 20.0K | 712 |
| SQ | PUT | TRADE | BEARISH | 05/17/24 | $70.00 | $90.7K | 20.0K | 1.0K |
| SQ | PUT | SWEEP | NEUTRAL | 05/17/24 | $70.00 | $79.9K | 20.0K | 416 |
| SQ | CALL | TRADE | BULLISH | 03/15/24 | $80.00 | $45.0K | 13.7K | 892 |
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.
Current Position of Block
- With a volume of 1,028,603, the price of SQ is down -1.18% at $78.53.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 62 days.
What Analysts Are Saying About Block
In the last month, 5 experts released ratings on this stock with an average target price of $86.6.
- Maintaining their stance, an analyst from Keefe, Bruyette & Woods continues to hold a Market Perform rating for Block, targeting a price of $78.
- An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $90.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Block with a target price of $88.
- An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $88.
- Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $89.
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 Block with Benzinga Pro for real-time alerts.
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