Decoding Best Buy Co's Options Activity: What's the Big Picture?

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 14 options trades for Best Buy Co.

This isn't normal.

The overall sentiment of these big-money traders is split between 28% bullish and 57%, bearish.

Out of all of the options we uncovered, 13 are puts, for a total amount of $799,945, and there was 1 call, for a total amount of $31,850.

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 $50.0 and $75.0 for Best Buy Co, spanning the last three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Best Buy Co stands at 478.4, with a total volume reaching 3,411.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Best Buy Co, situated within the strike price corridor from $50.0 to $75.0, throughout the last 30 days.

Best Buy Co Call and Put Volume: 30-Day Overview

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.

Where Is Best Buy Co Standing Right Now?

• Trading volume stands at 2,439,428, with BBY's price down by -15.85%, positioned at $63.73.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 56 days.

What Analysts Are Saying About Best Buy Co

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $86.8.

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 Citigroup continues to hold a Buy rating for Best Buy Co, targeting a price of $93. * Consistent in their evaluation, an analyst from Truist Securities keeps a Hold rating on Best Buy Co with a target price of $81. * 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 $100. * An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Best Buy Co, which currently sits at a price target of $85. * Maintaining their stance, an analyst from B of A Securities continues to hold a Underperform rating for Best Buy Co, targeting a price of $75.

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 Best Buy Co options trades with real-time alerts from Benzinga Pro.