Check Out What Whales Are Doing With BBY

Financial giants have made a conspicuous bullish move on Best Buy Co. Our analysis of options history for Best Buy Co BBY revealed 9 unusual trades.

Delving into the details, we found 66% of traders were bullish, while 22% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $167,930, and 6 were calls, valued at $460,500.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $70.0 to $100.0 for Best Buy Co over the recent three months.

Analyzing Volume & Open Interest

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 $70.0 to $100.0 in the last 30 days.

Best Buy Co Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

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.

After a thorough review of the options trading surrounding Best Buy Co, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Best Buy Co's Current Market Status

• Currently trading with a volume of 3,734,050, the BBY's price is up by 1.53%, now at $86.12.
• RSI readings suggest the stock is currently may be overbought.
• Anticipated earnings release is in 85 days.

Professional Analyst Ratings for Best Buy Co

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $87.6.

• An analyst from Citigroup upgraded its action to Buy with a price target of $100.
• An analyst from DA Davidson persists with their Buy rating on Best Buy Co, maintaining a target price of $95.
• Maintaining their stance, an analyst from Citigroup continues to hold a Sell rating for Best Buy Co, targeting a price of $67.
• An analyst from Truist Securities persists with their Hold rating on Best Buy Co, maintaining a target price of $86.
• Consistent in their evaluation, an analyst from Evercore ISI Group keeps a In-Line rating on Best Buy Co with a target price of $90.

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.