Deep-pocketed investors have adopted a bullish approach towards Block SQ, 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 SQ usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for Block. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 69% leaning bullish and 30% bearish. Among these notable options, 6 are puts, totaling $276,524, and 7 are calls, amounting to $442,283.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $130.0 for Block during the past quarter.
Insights into 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 Block'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 Block's whale activity within a strike price range from $25.0 to $130.0 in the last 30 days.
Block Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | CALL | TRADE | BULLISH | 06/21/24 | $72.50 | $101.4K | 3.0K | 388 |
| SQ | CALL | TRADE | BULLISH | 01/16/26 | $25.00 | $100.7K | 67 | 27 |
| SQ | CALL | TRADE | NEUTRAL | 01/16/26 | $25.00 | $99.9K | 67 | 27 |
| SQ | PUT | SWEEP | BULLISH | 02/16/24 | $55.00 | $76.5K | 875 | 483 |
| SQ | PUT | SWEEP | BULLISH | 02/16/24 | $55.00 | $75.6K | 875 | 1 |
About Block
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2022, Square's payment volume was a little over $200 million.
Following our analysis of the options activities associated with Block, we pivot to a closer look at the company's own performance.
Block's Current Market Status
- Trading volume stands at 2,625,429, with SQ's price up by 0.34%, positioned at $56.47.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 97 days.
Expert Opinions on Block
In the last month, 5 experts released ratings on this stock with an average target price of $70.8.
- An analyst from Canaccord Genuity persists with their Buy rating on Block, maintaining a target price of $80.
- An analyst from RBC Capital has decided to maintain their Outperform rating on Block, which currently sits at a price target of $77.
- An analyst from Goldman Sachs persists with their Buy rating on Block, maintaining a target price of $95.
- An analyst from CLSA has elevated its stance to Accumulate, setting a new price target at $57.
- An analyst from Wells Fargo downgraded its action to Equal-Weight with a price target of $45.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Block with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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