High-rolling investors have positioned themselves bullish on Shopify SHOP, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in SHOP often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Shopify. This is not a typical pattern.
The sentiment among these major traders is split, with 87% bullish and 0% bearish. Among all the options we identified, there was one put, amounting to $26,668, and 7 calls, totaling $444,840.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $70.0 for Shopify over the last 3 months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Shopify options trades today is 5908.8 with a total volume of 4,065.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Shopify's big money trades within a strike price range of $40.0 to $70.0 over the last 30 days.
Shopify 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SHOP | CALL | SWEEP | BULLISH | 09/20/24 | $4.45 | $4.05 | $4.45 | $70.00 | $89.0K | 3.7K | 3 |
| SHOP | CALL | SWEEP | BULLISH | 09/20/24 | $4.45 | $4.4 | $4.45 | $70.00 | $89.0K | 3.7K | 503 |
| SHOP | CALL | SWEEP | BULLISH | 09/20/24 | $4.4 | $4.3 | $4.4 | $70.00 | $88.0K | 3.7K | 1.4K |
| SHOP | CALL | TRADE | BULLISH | 06/20/25 | $29.1 | $29.1 | $29.1 | $40.00 | $64.0K | 377 | 0 |
| SHOP | CALL | SWEEP | BULLISH | 09/20/24 | $4.45 | $4.35 | $4.44 | $70.00 | $44.4K | 3.7K | 1.6K |
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.
Having examined the options trading patterns of Shopify, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Shopify Standing Right Now?
- Currently trading with a volume of 1,416,374, the SHOP's price is down by -2.36%, now at $64.95.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 43 days.
Expert Opinions on Shopify
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $72.4.
- Reflecting concerns, an analyst from JP Morgan lowers its rating to Overweight with a new price target of $74.
- An analyst from MoffettNathanson has revised its rating downward to Neutral, adjusting the price target to $65.
- Showing optimism, an analyst from Evercore ISI Group upgrades its rating to Outperform with a revised price target of $75.
- Consistent in their evaluation, an analyst from Goldman Sachs keeps a Buy rating on Shopify with a target price of $74.
- In a positive move, an analyst from Goldman Sachs has upgraded their rating to Buy and adjusted the price target to $74.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Shopify with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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