Decoding Target's Options Activity: What's the Big Picture?

Investors with a lot of money to spend have taken a bearish stance on Target TGT.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with TGT, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 45 uncommon options trades for Target.

This isn't normal.

The overall sentiment of these big-money traders is split between 31% bullish and 46%, bearish.

Out of all of the special options we uncovered, 24 are puts, for a total amount of $1,449,802, and 21 are calls, for a total amount of $1,241,103.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $75.0 to $160.0 for Target during the past quarter.

Volume & Open Interest Development

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 Target'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 Target's whale activity within a strike price range from $75.0 to $160.0 in the last 30 days.

Target Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Target

Target serves as the nation's sixth-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices. Target's upscale and stylish image began to carry national merit in the 1990s—a decade in which the brand saw its top line grow threefold to almost $30 billion—and has since cemented itself as a leading US retailer.Today, Target operates over 1,950 stores in the United States, generates over $100 billion in sales, and fulfills over 2 billion customer orders annually. The firm's vast physical footprint is typically concentrated in urban and suburban markets as the firm seeks to attract a more affluent consumer base.

Target's Current Market Status

• With a trading volume of 1,760,417, the price of TGT is up by 1.62%, reaching $146.37.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 2 days from now.

Professional Analyst Ratings for Target

In the last month, 5 experts released ratings on this stock with an average target price of $167.8.

• An analyst from Oppenheimer persists with their Outperform rating on Target, maintaining a target price of $180.
• An analyst from Telsey Advisory Group has decided to maintain their Outperform rating on Target, which currently sits at a price target of $190.
• An analyst from Truist Securities has decided to maintain their Hold rating on Target, which currently sits at a price target of $156.
• Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Target with a target price of $160.
• An analyst from JP Morgan persists with their Neutral rating on Target, maintaining a target price of $153.

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 Target with Benzinga Pro for real-time alerts.