Investors with a lot of money to spend have taken a bearish stance on GameStop GME.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with GME, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for GameStop.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 55%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $590,190, and 4 are calls, for a total amount of $410,000.
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 $12.0 to $15.0 for GameStop during the past quarter.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for GameStop'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 GameStop's whale trades within a strike price range from $12.0 to $15.0 in the last 30 days.
GameStop Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GME | PUT | SWEEP | BULLISH | 04/19/24 | $4.15 | $4.0 | $4.0 | $15.00 | $222.8K | 11.6K | 1.2K |
| GME | PUT | SWEEP | BULLISH | 04/19/24 | $4.05 | $4.0 | $4.0 | $15.00 | $200.0K | 11.6K | 111 |
| GME | CALL | TRADE | BULLISH | 01/16/26 | $4.1 | $3.75 | $4.1 | $13.00 | $127.9K | 349 | 600 |
| GME | CALL | TRADE | BEARISH | 01/16/26 | $5.1 | $3.55 | $4.1 | $13.00 | $117.6K | 349 | 288 |
| GME | PUT | TRADE | BEARISH | 01/17/25 | $5.8 | $5.2 | $5.8 | $15.00 | $104.4K | 798 | 180 |
About GameStop
GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States. GameStop sells new and second-hand video game hardware, physical and digital video game software, and video game accessories, mainly through GameStop, EB Games, and Micromania stores and international e-commerce sites. The majority of sales are from the United States.
Current Position of GameStop
- With a trading volume of 1,536,389, the price of GME is down by -1.99%, reaching $11.3.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 61 days from now.
Expert Opinions on GameStop
In the last month, 1 experts released ratings on this stock with an average target price of $5.6.
- Consistent in their evaluation, an analyst from Wedbush keeps a Underperform rating on GameStop with a target price of $5.
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 GameStop, 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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