High-rolling investors have positioned themselves bullish on Chewy CHWY, 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 CHWY often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 12 options trades for Chewy. This is not a typical pattern.
The sentiment among these major traders is split, with 58% bullish and 41% bearish. Among all the options we identified, there was one put, amounting to $40,126, and 11 calls, totaling $401,289.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $35.0 for Chewy over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Chewy stands at 4796.6, with a total volume reaching 7,177.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Chewy, situated within the strike price corridor from $20.0 to $35.0, throughout the last 30 days.
Chewy Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CHWY | CALL | SWEEP | BEARISH | 09/20/24 | $3.5 | $3.35 | $3.35 | $25.00 | $67.0K | 5.9K | 258 |
| CHWY | CALL | TRADE | BULLISH | 07/19/24 | $1.55 | $1.52 | $1.55 | $25.00 | $46.3K | 5.4K | 3.7K |
| CHWY | PUT | SWEEP | BULLISH | 09/20/24 | $3.65 | $3.55 | $3.55 | $25.00 | $40.1K | 3.8K | 0 |
| CHWY | CALL | TRADE | BULLISH | 08/16/24 | $2.32 | $2.3 | $2.32 | $25.00 | $39.4K | 2.1K | 549 |
| CHWY | CALL | SWEEP | BULLISH | 08/16/24 | $2.45 | $2.37 | $2.45 | $25.00 | $39.1K | 2.1K | 731 |
About Chewy
Chewy is the largest e-commerce pet care retailer in the US, generating $11.2 billion in 2023 sales across pet food, treats, hard goods, and pharmacy categories. The firm was founded in 2011, acquired by PetSmart in 2017, and tapped public markets as a stand-alone company in 2019 after spending a couple of years developing under the aegis of the pet superstore chain. The firm generates sales from pet food, treats, over-the-counter medications, medical prescription fulfillment, and hard goods, like crates, leashes, and bowls.
Chewy's Current Market Status
- With a trading volume of 8,302,239, the price of CHWY is down by -3.1%, reaching $24.1.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 56 days from now.
What The Experts Say On Chewy
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $29.0.
- Maintaining their stance, an analyst from Wedbush continues to hold a Outperform rating for Chewy, targeting a price of $35.
- Maintaining their stance, an analyst from Guggenheim continues to hold a Buy rating for Chewy, targeting a price of $32.
- Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on Chewy with a target price of $20.
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 Chewy options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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