Unpacking the Latest Options Trading Trends in Progressive

Investors with a lot of money to spend have taken a bullish stance on Progressive PGR.

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

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Progressive.

This isn't normal.

The overall sentiment of these big-money traders is split between 40% bullish and 20%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $99,228, and 8 are calls, for a total amount of $439,094.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $220.0 to $240.0 for Progressive over the recent three months.

Analyzing Volume & Open Interest

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 Progressive'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 Progressive's whale trades within a strike price range from $220.0 to $240.0 in the last 30 days.

Progressive Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

About Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

After a thorough review of the options trading surrounding Progressive, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Present Market Standing of Progressive

• With a trading volume of 296,665, the price of PGR is down by -1.16%, reaching $266.5.
• Current RSI values indicate that the stock is may be overbought.
• Next earnings report is scheduled for 50 days from now.

Professional Analyst Ratings for Progressive

In the last month, 4 experts released ratings on this stock with an average target price of $300.25.

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 Wells Fargo has decided to maintain their Overweight rating on Progressive, which currently sits at a price target of $317. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Progressive with a target price of $307. * An analyst from Barclays has decided to maintain their Equal-Weight rating on Progressive, which currently sits at a price target of $264. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Progressive, targeting a price of $313.

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 Progressive options trades with real-time alerts from Benzinga Pro.