A whale with a lot of money to spend has taken a noticeably bearish stance on Block.
Looking at options history for Block SQ we detected 17 strange trades.
If we consider the specifics of each trade, it is accurate to state that 23% of the investors opened trades with bullish expectations and 76% with bearish.
From the overall spotted trades, 11 are puts, for a total amount of $660,513 and 6, calls, for a total amount of $285,985.
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 $37.5 to $120.0 for Block over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Block options trades today is 3313.07 with a total volume of 3,640.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Block's big money trades within a strike price range of $37.5 to $120.0 over the last 30 days.
Block 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 |
|---|---|---|---|---|---|---|---|---|
| SQ | PUT | TRADE | BEARISH | 06/21/24 | $95.00 | $188.5K | 58 | 50 |
| SQ | CALL | TRADE | BEARISH | 01/17/25 | $97.50 | $83.8K | 55 | 172 |
| SQ | PUT | SWEEP | BEARISH | 01/19/24 | $50.00 | $72.5K | 7.6K | 251 |
| SQ | PUT | TRADE | NEUTRAL | 01/19/24 | $120.00 | $68.1K | 91 | 11 |
| SQ | PUT | TRADE | BULLISH | 05/12/23 | $70.00 | $60.2K | 8 | 56 |
Where Is Block Standing Right Now?
- With a volume of 4,242,759, the price of SQ is up 0.27% at $58.96.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 86 days.
What The Experts Say On Block:
- Wells Fargo has decided to maintain their Overweight rating on Block, which currently sits at a price target of $105.
- BMO Capital has decided to maintain their Outperform rating on Block, which currently sits at a price target of $88.
- Barclays has decided to maintain their Overweight rating on Block, which currently sits at a price target of $95.
- Credit Suisse has decided to maintain their Outperform rating on Block, which currently sits at a price target of $100.
- Canaccord Genuity has decided to maintain their Buy rating on Block, which currently sits at a price target of $90.
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 Block, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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