Market Whales and Their Recent Bets on SHOP Options

Investors with a lot of money to spend have taken a bullish stance on Shopify SHOP.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SHOP, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 26 options trades for Shopify.

This isn't normal.

The overall sentiment of these big-money traders is split between 42% bullish and 34%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $170,880, and 25, calls, for a total amount of $1,449,303.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $55.0 and $175.0 for Shopify, spanning the last three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Shopify stands at 2087.83, with a total volume reaching 9,938.00. 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 $55.0 to $175.0, throughout the last 30 days.

Shopify Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

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.

Where Is Shopify Standing Right Now?

• Trading volume stands at 2,460,671, with SHOP's price up by 1.93%, positioned at $118.18.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 56 days.

What The Experts Say On Shopify

4 market experts have recently issued ratings for this stock, with a consensus target price of $119.75.

Turn $1000 into $1270 in just 20 days?

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. * In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $120. * An analyst from MoffettNathanson persists with their Neutral rating on Shopify, maintaining a target price of $99. * In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $120. * An analyst from Loop Capital has elevated its stance to Buy, setting a new price target at $140.

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 Shopify with Benzinga Pro for real-time alerts.