High-rolling investors have positioned themselves bullish on Chewy CHWY, 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 CHWY often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Chewy. This is not a typical pattern.
The sentiment among these major traders is split, with 62% bullish and 37% bearish. Among all the options we identified, there was one put, amounting to $43,050, and 7 calls, totaling $274,638.
Projected Price Targets
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 $37.5 for Chewy over the last 3 months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chewy'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 Chewy's whale trades within a strike price range from $15.0 to $37.5 in the last 30 days.
Chewy 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CHWY | CALL | TRADE | BEARISH | 01/17/25 | $17.8 | $17.6 | $17.64 | $15.00 | $65.2K | 2.0K | 137 |
| CHWY | PUT | TRADE | BULLISH | 04/17/25 | $2.93 | $2.85 | $2.87 | $27.50 | $43.0K | 76 | 152 |
| CHWY | CALL | TRADE | BULLISH | 09/20/24 | $2.55 | $2.51 | $2.55 | $30.00 | $41.3K | 8.4K | 405 |
| CHWY | CALL | TRADE | BULLISH | 09/20/24 | $2.5 | $2.43 | $2.5 | $30.00 | $38.0K | 8.4K | 764 |
| CHWY | CALL | SWEEP | BEARISH | 09/20/24 | $0.99 | $0.89 | $0.9 | $32.50 | $36.0K | 6.7K | 666 |
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.
Following our analysis of the options activities associated with Chewy, we pivot to a closer look at the company's own performance.
Chewy's Current Market Status
- Currently trading with a volume of 2,898,243, the CHWY's price is up by 2.16%, now at $32.67.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 79 days.
Expert Opinions on Chewy
In the last month, 5 experts released ratings on this stock with an average target price of $29.6.
- An analyst from Baird persists with their Outperform rating on Chewy, maintaining a target price of $32.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Chewy, targeting a price of $33.
- Maintaining their stance, an analyst from Evercore ISI Group continues to hold a In-Line rating for Chewy, targeting a price of $29.
- Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Chewy, targeting a price of $30.
- An analyst from B of A Securities persists with their Underperform rating on Chewy, maintaining a target price of $24.
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 Chewy, 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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