Whales with a lot of money to spend have taken a noticeably bullish stance on Progressive.
Looking at options history for Progressive PGR we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 75% of the investors opened trades with bullish expectations and 25% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $67,393 and 6, calls, for a total amount of $1,005,030.
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 $180.0 to $190.0 for Progressive over the last 3 months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Progressive stands at 2917.33, with a total volume reaching 11,309.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Progressive, situated within the strike price corridor from $180.0 to $190.0, throughout the last 30 days.
Progressive Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PGR | CALL | SWEEP | BULLISH | 02/16/24 | $185.00 | $459.1K | 4.4K | 3.3K |
| PGR | CALL | SWEEP | BULLISH | 05/17/24 | $190.00 | $203.8K | 555 | 238 |
| PGR | CALL | TRADE | BULLISH | 05/17/24 | $190.00 | $141.8K | 555 | 401 |
| PGR | CALL | SWEEP | BEARISH | 02/16/24 | $185.00 | $98.0K | 4.4K | 1.2K |
| PGR | CALL | SWEEP | BEARISH | 02/16/24 | $185.00 | $52.6K | 4.4K | 1.6K |
About Progressive
Progressive underwrites private and commercial auto insurance and specialty lines; it has about 18 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
In light of the recent options history for Progressive, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Progressive
- Trading volume stands at 343,554, with PGR's price up by 2.94%, positioned at $187.43.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 57 days.
What Analysts Are Saying About Progressive
In the last month, 4 experts released ratings on this stock with an average target price of $195.5.
- An analyst from Roth MKM persists with their Buy rating on Progressive, maintaining a target price of $200.
- Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Progressive, targeting a price of $200.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Progressive with a target price of $207.
- An analyst from Keefe, Bruyette & Woods persists with their Market Perform rating on Progressive, maintaining a target price of $175.
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 Progressive, Benzinga Pro gives you real-time options trades alerts.
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