Investors with a lot of money to spend have taken a bullish stance on Best Buy Co BBY.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with BBY, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 14 options trades for Best Buy Co.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 28%, bearish.
Out of all of the options we uncovered, 13 are puts, for a total amount of $723,146, and there was 1 call, for a total amount of $62,100.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $85.0 to $90.0 for Best Buy Co over the recent three months.
Volume & Open Interest Development
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 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 trades within a strike price range from $85.0 to $90.0 in the last 30 days.
Best Buy Co 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BBY | PUT | SWEEP | BEARISH | 11/29/24 | $3.15 | $2.89 | $2.9 | $85.00 | $115.6K | 238 | 399 |
| BBY | PUT | SWEEP | NEUTRAL | 01/15/27 | $17.05 | $17.0 | $17.03 | $90.00 | $90.3K | 5 | 671 |
| BBY | PUT | SWEEP | BEARISH | 01/15/27 | $17.05 | $16.85 | $16.98 | $90.00 | $74.7K | 5 | 767 |
| BBY | PUT | SWEEP | BULLISH | 01/15/27 | $17.05 | $17.0 | $16.99 | $90.00 | $71.4K | 5 | 723 |
| BBY | CALL | TRADE | BULLISH | 12/18/26 | $13.5 | $13.5 | $13.5 | $90.00 | $62.1K | 99 | 46 |
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.
Following our analysis of the options activities associated with Best Buy Co, we pivot to a closer look at the company's own performance.
Current Position of Best Buy Co
- With a volume of 1,775,641, the price of BBY is down -1.28% at $85.91.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 6 days.
Expert Opinions on Best Buy Co
In the last month, 1 experts released ratings on this stock with an average target price of $109.0.
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. * An analyst from Citigroup has decided to maintain their Buy rating on Best Buy Co, which currently sits at a price target of $109.
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 Best Buy Co, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
