Whales with a lot of money to spend have taken a noticeably bullish stance on Shopify.
Looking at options history for Shopify SHOP we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $65,670 and 8, calls, for a total amount of $502,495.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $96.0 for Shopify over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Shopify's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Shopify's significant trades, within a strike price range of $40.0 to $96.0, over the past month.
Shopify Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SHOP | CALL | TRADE | BULLISH | 06/21/24 | $70.00 | $114.3K | 4.4K | 98 |
| SHOP | CALL | TRADE | BULLISH | 01/19/24 | $40.00 | $108.9K | 3.5K | 78 |
| SHOP | CALL | TRADE | NEUTRAL | 01/19/24 | $40.00 | $99.0K | 3.5K | 45 |
| SHOP | CALL | TRADE | NEUTRAL | 01/19/24 | $40.00 | $49.5K | 3.5K | 15 |
| SHOP | CALL | TRADE | BEARISH | 01/19/24 | $80.00 | $42.2K | 9.0K | 69 |
About Shopify
Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.
Current Position of Shopify
- With a trading volume of 3,630,113, the price of SHOP is up by 0.8%, reaching $73.1.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 71 days from now.
What Analysts Are Saying About Shopify
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $65.0.
- An analyst from Piper Sandler has revised its rating downward to Underweight, adjusting the price target to $56.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Shopify, maintaining a target price of $74.
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 Shopify with Benzinga Pro for real-time 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.
