Deep-pocketed investors have adopted a bearish approach towards Bank of America BAC, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BAC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 23 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 34% leaning bullish and 65% bearish. Among these notable options, 7 are puts, totaling $213,825, and 16 are calls, amounting to $1,083,487.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $15.0 to $50.0 for Bank of America over the last 3 months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Bank of America's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Bank of America's significant trades, within a strike price range of $15.0 to $50.0, over the past month.
Bank of America 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC | CALL | SWEEP | BEARISH | 01/17/25 | $18.2 | $18.0 | $18.04 | $23.00 | $180.0K | 2.7K | 0 |
| BAC | CALL | TRADE | BULLISH | 06/20/25 | $16.35 | $15.75 | $16.35 | $25.00 | $163.5K | 10.5K | 0 |
| BAC | CALL | TRADE | BEARISH | 06/20/25 | $14.8 | $13.65 | $13.8 | $28.00 | $138.0K | 5.8K | 20 |
| BAC | CALL | TRADE | BULLISH | 06/20/25 | $12.0 | $11.5 | $11.9 | $30.00 | $119.0K | 15.1K | 0 |
| BAC | CALL | TRADE | BULLISH | 07/19/24 | $2.45 | $2.42 | $2.45 | $38.50 | $73.5K | 996 | 0 |
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.
Where Is Bank of America Standing Right Now?
- With a volume of 10,390,293, the price of BAC is up 0.31% at $40.53.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 8 days.
Professional Analyst Ratings for Bank of America
In the last month, 4 experts released ratings on this stock with an average target price of $44.5.
- An analyst from Keefe, Bruyette & Woods upgraded its action to Outperform with a price target of $46.
- Consistent in their evaluation, an analyst from Jefferies keeps a Hold rating on Bank of America with a target price of $41.
- In a positive move, an analyst from Seaport Global has upgraded their rating to Buy and adjusted the price target to $48.
- An analyst from Evercore ISI Group persists with their Outperform rating on Bank of America, maintaining a target price of $43.
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 Bank of America, 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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