Market Whales and Their Recent Bets on BBY Options

Investors with a lot of money to spend have taken a bearish 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 20 options trades for Best Buy Co.

This isn't normal.

The overall sentiment of these big-money traders is split between 20% bullish and 65%, bearish.

Out of all of the options we uncovered, 19 are puts, for a total amount of $944,956, and there was 1 call, for a total amount of $58,180.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $70.0 to $100.0 for Best Buy Co over the recent three months.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Best Buy Co's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Best Buy Co's significant trades, within a strike price range of $70.0 to $100.0, over the past month.

Best Buy Co Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

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.

Present Market Standing of Best Buy Co

• Trading volume stands at 5,504,539, with BBY's price down by -13.24%, positioned at $75.25.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 0 days.

Professional Analyst Ratings for Best Buy Co

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $100.0.

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 Wedbush has revised its rating downward to Neutral, adjusting the price target to $90. * An analyst from Telsey Advisory Group has decided to maintain their Outperform rating on Best Buy Co, which currently sits at a price target of $110.

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 Best Buy Co with Benzinga Pro for real-time alerts.