Someone with a lot of money to spend (and possibly insider knowledge) has taken a bearish stance on Penn National Gaming PENN.
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 PENN, 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 12 uncommon options trades for Penn National Gaming.
This isn't normal.
The overall sentiment of these big-money traders is split between 0.0% bullish and 100.0%, bearish.
Out of all of the special options we uncovered, 10 are puts, for a total amount of $618,135, and 2 are calls, for a total amount of $59,000.
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 $60.0 to $75.0 for Penn National Gaming over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Penn National Gaming options trades today is 974.86 with a total volume of 9,416.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Penn National Gaming's big money trades within a strike price range of $60.0 to $75.0 over the last 30 days.
Penn National Gaming 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 |
|---|---|---|---|---|---|---|---|---|
| PENN | PUT | SWEEP | BEARISH | 11/19/21 | $71.00 | $142.4K | 185 | 461 |
| PENN | PUT | TRADE | BEARISH | 01/19/24 | $60.00 | $105.8K | 120 | 80 |
| PENN | PUT | SWEEP | BEARISH | 11/12/21 | $70.00 | $94.6K | 245 | 501 |
| PENN | PUT | SWEEP | BEARISH | 11/12/21 | $70.00 | $58.2K | 245 | 1.2K |
| PENN | PUT | TRADE | BEARISH | 11/19/21 | $70.00 | $54.8K | 1.9K | 514 |
Where Is Penn National Gaming Standing Right Now?
- With a volume of 1,802,042, the price of PENN is down -0.1% at $72.93.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 1 days.
What The Experts Say On Penn National Gaming:
- Goldman Sachs has decided to maintain their Buy rating on Penn National Gaming, which currently sits at a price target of $115.0.
- Roth Capital downgraded its action to Buy with a price target of $107.0
- Berenberg downgraded its action to Buy with a price target of $95.0
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.
© 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.
