Whales with a lot of money to spend have taken a noticeably bearish stance on Block.
Looking at options history for Block SQ we detected 24 trades.
If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 58% with bearish.
From the overall spotted trades, 9 are puts, for a total amount of $305,078 and 15, calls, for a total amount of $1,316,253.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $30.0 to $67.5 for Block during the past quarter.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Block stands at 3320.57, with a total volume reaching 16,819.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Block, situated within the strike price corridor from $30.0 to $67.5, throughout the last 30 days.
Block Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | CALL | TRADE | NEUTRAL | 06/21/24 | $67.50 | $648.0K | 617 | 1.8K |
| SQ | CALL | SWEEP | BULLISH | 12/15/23 | $55.00 | $114.5K | 19.1K | 2.9K |
| SQ | CALL | SWEEP | BEARISH | 12/15/23 | $55.00 | $69.9K | 19.1K | 3.4K |
| SQ | PUT | TRADE | BEARISH | 01/16/26 | $32.50 | $61.1K | 965 | 387 |
| SQ | CALL | SWEEP | BULLISH | 12/15/23 | $55.00 | $58.2K | 19.1K | 1.5K |
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.
Current Position of Block
- With a trading volume of 4,008,904, the price of SQ is down by -1.3%, reaching $50.83.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 101 days from now.
What The Experts Say On Block
In the last month, 5 experts released ratings on this stock with an average target price of $65.8.
- An analyst from Canaccord Genuity persists with their Buy rating on Block, maintaining a target price of $80.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Block with a target price of $77.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Block, targeting a price of $67.
- Maintaining their stance, an analyst from Keybanc continues to hold a Overweight rating for Block, targeting a price of $60.
- An analyst from Wells Fargo downgraded its action to Equal-Weight with a price target of $45.
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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