Whales with a lot of money to spend have taken a noticeably bullish stance on Shopify.
Looking at options history for Shopify SHOP we detected 17 trades.
If we consider the specifics of each trade, it is accurate to state that 70% of the investors opened trades with bullish expectations and 29% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $253,480 and 12, calls, for a total amount of $891,031.
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 $55.0 to $100.0 for Shopify during the past quarter.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Shopify stands at 1716.4, with a total volume reaching 4,273.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Shopify, situated within the strike price corridor from $55.0 to $100.0, throughout the last 30 days.
Shopify 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SHOP | CALL | SWEEP | BULLISH | 06/21/24 | $100.00 | $256.7K | 3.7K | 1.5K |
| SHOP | CALL | SWEEP | BEARISH | 05/17/24 | $90.00 | $177.0K | 2.4K | 1.3K |
| SHOP | CALL | TRADE | BULLISH | 05/17/24 | $90.00 | $97.1K | 2.4K | 326 |
| SHOP | CALL | TRADE | BULLISH | 03/22/24 | $73.00 | $88.1K | 148 | 126 |
| SHOP | PUT | SWEEP | NEUTRAL | 04/19/24 | $75.00 | $66.9K | 2.3K | 201 |
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.
Following our analysis of the options activities associated with Shopify, we pivot to a closer look at the company's own performance.
Present Market Standing of Shopify
- With a volume of 2,935,054, the price of SHOP is up 1.31% at $76.32.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 55 days.
What The Experts Say On Shopify
In the last month, 5 experts released ratings on this stock with an average target price of $75.6.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Shopify with a target price of $85.
- An analyst from Mizuho persists with their Neutral rating on Shopify, maintaining a target price of $75.
- Maintaining their stance, an analyst from Goldman Sachs continues to hold a Neutral rating for Shopify, targeting a price of $75.
- Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Shopify, targeting a price of $80.
- An analyst from Piper Sandler persists with their Underweight rating on Shopify, maintaining a target price of $63.
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.
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