Deep-pocketed investors have adopted a bullish approach towards Best Buy Co BBY, 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 BBY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for Best Buy Co. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 53% leaning bullish and 46% bearish. Among these notable options, 11 are puts, totaling $518,380, and 2 are calls, amounting to $77,627.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $80.0 to $105.0 for Best Buy Co 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 Best Buy Co'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 Best Buy Co's whale activity within a strike price range from $80.0 to $105.0 in the last 30 days.
Best Buy Co 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BBY | PUT | SWEEP | BEARISH | 12/20/24 | $4.55 | $4.5 | $4.5 | $95.00 | $87.7K | 383 | 214 |
| BBY | PUT | SWEEP | BULLISH | 10/04/24 | $4.5 | $4.15 | $4.15 | $102.00 | $83.0K | 467 | 408 |
| BBY | PUT | SWEEP | BEARISH | 10/04/24 | $1.39 | $1.0 | $1.27 | $99.00 | $54.1K | 125 | 1.8K |
| BBY | CALL | SWEEP | BULLISH | 10/11/24 | $1.37 | $1.31 | $1.37 | $98.00 | $50.7K | 64 | 376 |
| BBY | PUT | TRADE | BEARISH | 10/04/24 | $1.27 | $1.15 | $1.27 | $99.00 | $45.2K | 125 | 1.0K |
About Best Buy Co
With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid-19 pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.
Having examined the options trading patterns of Best Buy Co, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Best Buy Co
- Currently trading with a volume of 1,795,677, the BBY's price is down by -1.89%, now at $97.83.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 47 days.
Professional Analyst Ratings for Best Buy Co
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $100.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Reflecting concerns, an analyst from Melius Research lowers its rating to Hold with a new price target of $100.
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 Best Buy Co 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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