Looking At Shopify's Recent Unusual Options Activity

Deep-pocketed investors have adopted a bullish approach towards Shopify SHOP, 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 SHOP usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 17 extraordinary options activities for Shopify. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 70% leaning bullish and 29% bearish. Among these notable options, 7 are puts, totaling $306,621, and 10 are calls, amounting to $633,077.

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 $40.0 to $110.0 for Shopify over the last 3 months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Shopify stands at 1946.43, with a total volume reaching 1,045.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Shopify, situated within the strike price corridor from $40.0 to $110.0, throughout the last 30 days.

Shopify Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

About Shopify

Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Following our analysis of the options activities associated with Shopify, we pivot to a closer look at the company's own performance.

Shopify's Current Market Status

• With a trading volume of 2,957,253, the price of SHOP is up by 0.52%, reaching $83.67.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 17 days from now.

Expert Opinions on Shopify

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $79.8.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Baird continues to hold a Outperform rating for Shopify, targeting a price of $90. * An analyst from Barclays persists with their Equal-Weight rating on Shopify, maintaining a target price of $70. * An analyst from Cantor Fitzgerald downgraded its action to Neutral with a price target of $70. * An analyst from Redburn Atlantic has elevated its stance to Buy, setting a new price target at $99. * In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Neutral, setting a price target of $70.

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