Investors with a lot of money to spend have taken a bearish stance on Best Buy Co BBY.
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 BBY, 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 8 uncommon options trades for Best Buy Co.
This isn't normal.
The overall sentiment of these big-money traders is split between 25% bullish and 62%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $265,334, and 4 are calls, for a total amount of $1,980,217.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $65.0 and $82.5 for Best Buy Co, spanning the last three months.
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 Best Buy Co'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 Best Buy Co's whale trades within a strike price range from $65.0 to $82.5 in the last 30 days.
Best Buy Co Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BBY | CALL | TRADE | BEARISH | 05/31/24 | $3.25 | $3.1 | $3.0 | $70.00 | $1.5M | 351 | 5.1K |
| BBY | CALL | TRADE | BEARISH | 01/17/25 | $3.15 | $3.0 | $3.0 | $82.50 | $300.0K | 1.6K | 1.0K |
| BBY | PUT | SWEEP | BULLISH | 12/18/26 | $11.9 | $11.2 | $11.2 | $67.50 | $112.0K | 2 | 100 |
| BBY | CALL | TRADE | BEARISH | 06/21/24 | $1.23 | $1.16 | $1.16 | $76.00 | $104.4K | 52 | 910 |
| BBY | PUT | TRADE | BULLISH | 12/20/24 | $3.95 | $3.75 | $3.8 | $65.00 | $64.6K | 610 | 170 |
About Best Buy Co
With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the COVID-19 pandemic, have seen the U.S. e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.
Having examined the options trading patterns of Best Buy Co, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Best Buy Co
- With a trading volume of 3,572,624, the price of BBY is down by -0.95%, reaching $71.86.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 1 days from now.
Professional Analyst Ratings for Best Buy Co
3 market experts have recently issued ratings for this stock, with a consensus target price of $82.33333333333333.
- Consistent in their evaluation, an analyst from Citigroup keeps a Sell rating on Best Buy Co with a target price of $67.
- An analyst from Wedbush has revised its rating downward to Neutral, adjusting the price target to $85.
- An analyst from Telsey Advisory Group has decided to maintain their Outperform rating on Best Buy Co, which currently sits at a price target of $95.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Best Buy Co, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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