High-rolling investors have positioned themselves bullish on Gap GPS, 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 GPS often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 13 options trades for Gap. This is not a typical pattern.
The sentiment among these major traders is split, with 69% bullish and 30% bearish. Among all the options we identified, there was one put, amounting to $40,700, and 12 calls, totaling $618,850.
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 $19.0 and $30.0 for Gap, spanning the last three months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Gap'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 Gap's whale activity within a strike price range from $19.0 to $30.0 in the last 30 days.
Gap 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GPS | CALL | SWEEP | BULLISH | 09/20/24 | $1.75 | $1.73 | $1.75 | $24.00 | $87.5K | 2.4K | 127 |
| GPS | CALL | SWEEP | BULLISH | 09/20/24 | $1.75 | $1.72 | $1.75 | $24.00 | $85.4K | 2.4K | 639 |
| GPS | CALL | SWEEP | BULLISH | 09/20/24 | $1.4 | $1.38 | $1.4 | $25.00 | $70.0K | 3.1K | 266 |
| GPS | CALL | SWEEP | BEARISH | 08/23/24 | $1.3 | $1.25 | $1.25 | $24.00 | $62.5K | 20 | 1.0K |
| GPS | CALL | SWEEP | BEARISH | 08/23/24 | $1.3 | $1.25 | $1.25 | $24.00 | $62.5K | 20 | 534 |
About Gap
Gap retails apparel, accessories, and personal-care products under the Gap, Old Navy, Banana Republic, and Athleta brands. Old Navy generates more than half of Gap's sales. The firm also operates e-commerce sites, outlet stores, and specialty stores under various Gap names. Gap operates approximately 2,600 stores in North America, Europe, and Asia and franchises about 1,000 more in Asia, Europe, Latin America, and other regions. Gap was founded in 1969 and is based in San Francisco.
Having examined the options trading patterns of Gap, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Gap's Current Market Status
- Currently trading with a volume of 2,601,378, the GPS's price is up by 0.28%, now at $22.89.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 34 days.
What Analysts Are Saying About Gap
2 market experts have recently issued ratings for this stock, with a consensus target price of $29.5.
- An analyst from TD Cowen upgraded its action to Buy with a price target of $30.
- An analyst from Morgan Stanley upgraded its action to Overweight with a price target of $29.
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 Gap with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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