Riot Platforms's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bearish approach towards Riot Platforms RIOT, 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 RIOT usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Riot Platforms. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 9% leaning bullish and 81% bearish. Among these notable options, 4 are puts, totaling $130,500, and 7 are calls, amounting to $463,512.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.5 to $12.0 for Riot Platforms over the last 3 months.

Analyzing Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Riot Platforms'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 Riot Platforms's whale activity within a strike price range from $7.5 to $12.0 in the last 30 days.

Riot Platforms 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Riot Platforms

Riot Platforms Inc is a vertically integrated Bitcoin mining company focused on building, supporting, and operating blockchain technologies. The company's segments include Bitcoin Mining and Engineering. The Bitcoin Mining segment generates revenue from the Bitcoin the Company earns through its Bitcoin Mining activities. The Engineering segment generates revenue through customer contracts for custom engineered electrical products. It generates the majority of its revenue from the Bitcoin Mining segment.

In light of the recent options history for Riot Platforms, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of Riot Platforms

• Trading volume stands at 17,294,405, with RIOT's price down by -8.78%, positioned at $8.1.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 55 days.

What Analysts Are Saying About Riot Platforms

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $18.9.

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. * Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Riot Platforms, targeting a price of $13. * Reflecting concerns, an analyst from HC Wainwright & Co. lowers its rating to Buy with a new price target of $17. * An analyst from Piper Sandler downgraded its action to Overweight with a price target of $23. * An analyst from Roth MKM has revised its rating downward to Buy, adjusting the price target to $20. * An analyst from Cantor Fitzgerald persists with their Overweight rating on Riot Platforms, maintaining a target price of $21.

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 Riot Platforms options trades with real-time alerts from Benzinga Pro.