Deep-pocketed investors have adopted a bearish 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 30 extraordinary options activities for Block. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 36% leaning bullish and 63% bearish. Among these notable options, 8 are puts, totaling $922,281, and 22 are calls, amounting to $2,628,067.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $45.0 and $78.0 for Block, spanning the last three months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Block's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Block's significant trades, within a strike price range of $45.0 to $78.0, over the past month.
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 | BEARISH | 06/21/24 | $67.50 | $1.2M | 2.1K | 1.5K |
| SQ | PUT | SWEEP | BULLISH | 01/17/25 | $70.00 | $671.8K | 3.4K | 616 |
| SQ | CALL | SWEEP | BEARISH | 04/19/24 | $70.00 | $255.0K | 3.9K | 1.0K |
| SQ | CALL | TRADE | BULLISH | 04/19/24 | $70.00 | $250.6K | 3.9K | 18 |
| SQ | CALL | SWEEP | BULLISH | 05/17/24 | $67.50 | $153.9K | 1.6K | 501 |
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
- With a volume of 2,885,068, the price of SQ is up 1.58% at $66.04.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 21 days.
Expert Opinions on Block
In the last month, 2 experts released ratings on this stock with an average target price of $87.5.
- An analyst from BTIG has elevated its stance to Buy, setting a new price target at $85.
- An analyst from Wedbush upgraded its action to Outperform with a price target of $90.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Block options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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