Deep-pocketed investors have adopted a bullish approach towards Chewy CHWY, 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 CHWY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Chewy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 54% leaning bullish and 36% bearish. Among these notable options, 4 are puts, totaling $365,823, and 7 are calls, amounting to $571,163.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $35.0 for Chewy during the past quarter.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Chewy's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Chewy's substantial trades, within a strike price spectrum from $25.0 to $35.0 over the preceding 30 days.
Chewy Call and Put Volume: 30-Day Overview
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 | BULLISH | 08/30/24 | $0.88 | $0.82 | $0.88 | $32.00 | $271.3K | 244 | 5.4K |
| CHWY | PUT | TRADE | BEARISH | 01/17/25 | $4.4 | $4.3 | $4.38 | $27.50 | $160.3K | 2.4K | 370 |
| CHWY | PUT | TRADE | NEUTRAL | 01/17/25 | $4.7 | $4.15 | $4.38 | $27.50 | $105.1K | 2.4K | 611 |
| CHWY | PUT | TRADE | BULLISH | 01/17/25 | $4.65 | $4.2 | $4.38 | $27.50 | $69.6K | 2.4K | 771 |
| CHWY | CALL | TRADE | BULLISH | 08/30/24 | $0.65 | $0.54 | $0.64 | $32.00 | $64.0K | 244 | 1.0K |
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 volume of 4,027,104, the price of CHWY is down -0.18% at $27.05.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 9 days.
Expert Opinions on Chewy
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $27.5.
- Reflecting concerns, an analyst from Wedbush lowers its rating to Outperform with a new price target of $35.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Underperform 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.
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