Check Out What Whales Are Doing With Macy's

Someone with a lot of money to spend has taken a bearish stance on Macy's M.

And retail traders should know.

We noticed this today when the big position 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 M, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 11 uncommon options trades for Macy's.

This isn't normal.

The overall sentiment of these big-money traders is split between 27% bullish and 72%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $615,720, and 2 are calls, for a total amount of $53,400.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $23.0 to $30.0 for Macy's over the last 3 months.

Volume & Open Interest Development

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 Macy's'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 Macy's's whale activity within a strike price range from $23.0 to $30.0 in the last 30 days.

Macy's Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Where Is Macy's Standing Right Now?

• With a volume of 1,874,835, the price of M is down -2.77% at $24.11.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 71 days.

What The Experts Say On Macy's:

• Telsey Advisory Group has decided to maintain their Market Perform rating on Macy's, which currently sits at a price target of $30.
• Evercore ISI Group upgraded its action to Outperform with a price target of $50
• Credit Suisse has decided to maintain their Underperform rating on Macy's, which currently sits at a price target of $25.
• Morgan Stanley has decided to maintain their Underweight rating on Macy's, which currently sits at a price target of $20.
• Deutsche Bank has decided to maintain their Hold rating on Macy's, which currently sits at a price target of $34.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.