A whale with a lot of money to spend has taken a noticeably bearish stance on Shopify.
Looking at options history for Shopify SHOP we detected 10 strange trades.
If we consider the specifics of each trade, it is accurate to state that 30% of the investors opened trades with bullish expectations and 70% with bearish.
From the overall spotted trades, 8 are puts, for a total amount of $405,157 and 2, calls, for a total amount of $69,025.
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 $33.0 to $105.0 for Shopify over the last 3 months.
Volume & Open Interest Development
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 Shopify'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 Shopify's whale activity within a strike price range from $33.0 to $105.0 in the last 30 days.
Shopify 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 |
|---|---|---|---|---|---|---|---|---|
| SHOP | PUT | TRADE | BULLISH | 01/17/25 | $50.00 | $104.5K | 6.0K | 1 |
| SHOP | PUT | SWEEP | BULLISH | 01/19/24 | $75.00 | $70.5K | 672 | 5 |
| SHOP | PUT | TRADE | BEARISH | 06/21/24 | $105.00 | $52.0K | 14 | 13 |
| SHOP | PUT | SWEEP | BULLISH | 08/18/23 | $65.00 | $44.5K | 3.4K | 123 |
| SHOP | PUT | SWEEP | BEARISH | 01/19/24 | $33.00 | $36.4K | 2.7K | 700 |
Where Is Shopify Standing Right Now?
- With a volume of 4,811,873, the price of SHOP is down -1.14% at $65.42.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 8 days.
What The Experts Say On Shopify:
- Evercore ISI Group downgraded its action to In-Line with a price target of $69
- MoffettNathanson upgraded its action to Outperform with a price target of $76
- Morgan Stanley downgraded its action to Equal-Weight with a price target of $54
- Credit Suisse has decided to maintain their Neutral rating on Shopify, which currently sits at a price target of $55.
- Mizuho has decided to maintain their Neutral rating on Shopify, which currently sits at a price target of $65.
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 Shopify, 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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