Whales with a lot of money to spend have taken a noticeably bullish stance on Block.
Looking at options history for Block SQ we detected 23 trades.
If we consider the specifics of each trade, it is accurate to state that 52% of the investors opened trades with bullish expectations and 39% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $181,669 and 20, calls, for a total amount of $1,079,152.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $77.5 for Block over the last 3 months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Block stands at 1475.07, with a total volume reaching 10,035.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Block, situated within the strike price corridor from $60.0 to $77.5, throughout the last 30 days.
Block 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SQ | PUT | SWEEP | BULLISH | 09/20/24 | $9.95 | $9.8 | $9.85 | $75.00 | $98.5K | 1.8K | 3 |
| SQ | CALL | TRADE | BEARISH | 09/20/24 | $6.6 | $6.45 | $6.5 | $60.00 | $91.6K | 2.2K | 151 |
| SQ | CALL | SWEEP | BEARISH | 09/20/24 | $4.65 | $4.55 | $4.55 | $63.00 | $84.1K | 48 | 187 |
| SQ | CALL | SWEEP | BULLISH | 10/18/24 | $4.85 | $4.8 | $4.8 | $65.00 | $67.2K | 655 | 533 |
| SQ | CALL | SWEEP | BULLISH | 10/18/24 | $4.85 | $4.8 | $4.8 | $65.00 | $65.7K | 655 | 170 |
About Block
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.
Following our analysis of the options activities associated with Block, we pivot to a closer look at the company's own performance.
Present Market Standing of Block
- With a trading volume of 2,303,249, the price of SQ is down by -2.13%, reaching $65.0.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 62 days from now.
What Analysts Are Saying About Block
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $90.4.
- Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $99.
- Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on Block with a target price of $93.
- Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Block with a target price of $80.
- An analyst from RBC Capital has revised its rating downward to Outperform, adjusting the price target to $88.
- An analyst from UBS persists with their Buy rating on Block, maintaining a target price of $92.
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 Block 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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