Spotlight on Bank of America: Analyzing the Surge in Options Activity

Whales with a lot of money to spend have taken a noticeably bullish stance on Bank of America.

Looking at options history for Bank of America BAC we detected 19 trades.

If we consider the specifics of each trade, it is accurate to state that 57% of the investors opened trades with bullish expectations and 42% with bearish.

From the overall spotted trades, 5 are puts, for a total amount of $319,591 and 14, calls, for a total amount of $1,163,986.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $28.0 to $41.0 for Bank of America over the recent three months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Bank of America options trades today is 34608.0 with a total volume of 10,259.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Bank of America's big money trades within a strike price range of $28.0 to $41.0 over the last 30 days.

Bank of America 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

About Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $3.0 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 US-focused.

Current Position of Bank of America

• Currently trading with a volume of 8,833,622, the BAC's price is down by -0.28%, now at $37.41.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 14 days.

Professional Analyst Ratings for Bank of America

5 market experts have recently issued ratings for this stock, with a consensus target price of $40.2.

• Maintaining their stance, an analyst from Oppenheimer continues to hold a Outperform rating for Bank of America, targeting a price of $46.
• An analyst from Wells Fargo has decided to maintain their Overweight rating on Bank of America, which currently sits at a price target of $44.
• Maintaining their stance, an analyst from Piper Sandler continues to hold a Underweight rating for Bank of America, targeting a price of $33.
• Maintaining their stance, an analyst from Citigroup continues to hold a Neutral rating for Bank of America, targeting a price of $39.
• Reflecting concerns, an analyst from HSBC lowers its rating to Hold with a new price target of $39.

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