Deep-pocketed investors have adopted a bullish approach towards Block SQ, 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 SQ usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Block. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 54% leaning bullish and 33% bearish. Among these notable options, 5 are puts, totaling $392,890, and 19 are calls, amounting to $780,878.
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 $25.0 to $100.0 for Block over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Block stands at 1793.72, with a total volume reaching 7,829.00. 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 $25.0 to $100.0, throughout the last 30 days.
Block Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SQ | PUT | TRADE | NEUTRAL | 11/15/24 | $2.13 | $1.8 | $1.95 | $70.00 | $146.2K | 2.0K | 762 |
| SQ | PUT | SWEEP | BEARISH | 11/22/24 | $6.25 | $6.2 | $6.25 | $81.00 | $120.0K | 0 | 192 |
| SQ | CALL | TRADE | BEARISH | 01/17/25 | $18.35 | $17.6 | $17.85 | $60.00 | $89.2K | 4.4K | 10 |
| SQ | CALL | SWEEP | BULLISH | 01/16/26 | $10.9 | $10.25 | $10.8 | $95.00 | $75.6K | 1.0K | 85 |
| SQ | CALL | SWEEP | NEUTRAL | 11/08/24 | $1.51 | $1.4 | $1.4 | $83.00 | $70.2K | 2.4K | 536 |
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.
Block's Current Market Status
- Currently trading with a volume of 5,590,260, the SQ's price is up by 6.99%, now at $77.44.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 1 days.
What Analysts Are Saying About Block
In the last month, 1 experts released ratings on this stock with an average target price of $88.0.
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 RBC Capital lowers its rating to Outperform with a new price target of $88.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Block with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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