A whale with a lot of money to spend has taken a noticeably bullish stance on 3M.
Looking at options history for 3M MMM we detected 14 strange trades.
If we consider the specifics of each trade, it is accurate to state that 64% of the investors opened trades with bullish expectations and 35% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $436,580 and 11, calls, for a total amount of $1,380,934.
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 $105.0 to $115.0 for 3M over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for 3M options trades today is 1505.71 with a total volume of 4,151.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for 3M's big money trades within a strike price range of $105.0 to $115.0 over the last 30 days.
3M Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| MMM | CALL | SWEEP | BULLISH | 11/17/23 | $110.00 | $474.0K | 88 | 741 |
| MMM | PUT | SWEEP | BEARISH | 08/18/23 | $115.00 | $308.8K | 641 | 235 |
| MMM | CALL | SWEEP | BULLISH | 11/17/23 | $110.00 | $238.0K | 88 | 490 |
| MMM | CALL | SWEEP | BULLISH | 05/19/23 | $105.00 | $143.8K | 3.1K | 595 |
| MMM | CALL | TRADE | BULLISH | 06/21/24 | $110.00 | $136.3K | 225 | 102 |
Where Is 3M Standing Right Now?
- With a volume of 3,689,264, the price of MMM is down -1.23% at $104.78.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 5 days.
What The Experts Say On 3M:
- RBC Capital has decided to maintain their Sector Perform rating on 3M, which currently sits at a price target of $148.
- Barclays has decided to maintain their Underweight rating on 3M, which currently sits at a price target of $105.
- Barclays has decided to maintain their Underweight rating on 3M, which currently sits at a price target of $103.
- Morgan Stanley has decided to maintain their Underweight rating on 3M, which currently sits at a price target of $103.
- Wells Fargo has decided to maintain their Equal-Weight rating on 3M, which currently sits at a price target of $110.
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 want to stay updated on the latest options trades for 3M, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
