Investors with a lot of money to spend have taken a bullish stance on Block SQ.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SQ, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 19 uncommon options trades for Block.
This isn't normal.
The overall sentiment of these big-money traders is split between 52% bullish and 47%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $501,152, and 15 are calls, for a total amount of $924,061.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $72.5 to $105.0 for Block over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Block stands at 4790.0, with a total volume reaching 27,278.00. 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 $72.5 to $105.0, throughout the last 30 days.
Block Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | PUT | SWEEP | BULLISH | 06/21/24 | $72.50 | $320.5K | 5.1K | 812 |
| SQ | CALL | SWEEP | NEUTRAL | 03/28/24 | $89.00 | $187.7K | 53 | 1.9K |
| SQ | CALL | SWEEP | BULLISH | 04/19/24 | $90.00 | $131.7K | 11.1K | 1.4K |
| SQ | PUT | SWEEP | BEARISH | 04/19/24 | $85.00 | $126.0K | 409 | 701 |
| SQ | CALL | SWEEP | BULLISH | 03/22/24 | $85.00 | $94.5K | 1.0K | 1.3K |
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.
Where Is Block Standing Right Now?
- Trading volume stands at 4,066,749, with SQ's price down by -0.62%, positioned at $81.2.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 50 days.
What Analysts Are Saying About Block
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $87.4.
- 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 Citigroup persists with their Buy rating on Block, maintaining a target price of $86.
- An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $90.
- An analyst from Canaccord Genuity has decided to maintain their Buy rating on Block, which currently sits at a price target of $95.
- An analyst from Piper Sandler downgraded its action to Overweight with a price target of $88.
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 Block options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
