Investors with a lot of money to spend have taken a bearish stance on Bank of America BAC.
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 BAC, 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 22 uncommon options trades for Bank of America.
This isn't normal.
The overall sentiment of these big-money traders is split between 40% bullish and 54%, bearish.
Out of all of the special options we uncovered, 12 are puts, for a total amount of $404,993, and 10 are calls, for a total amount of $472,600.
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 $28.0 to $41.0 for Bank of America over the last 3 months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Bank of America options trades today is 8442.07 with a total volume of 39,918.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Bank of America's big money trades within a strike price range of $28.0 to $41.0 over the last 30 days.
Bank of America Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC | CALL | TRADE | BULLISH | 01/17/25 | $8.5 | $8.35 | $8.45 | $32.00 | $84.4K | 30.3K | 705 |
| BAC | CALL | TRADE | BULLISH | 06/07/24 | $1.4 | $1.36 | $1.4 | $38.00 | $56.0K | 1.9K | 722 |
| BAC | CALL | SWEEP | BULLISH | 06/07/24 | $1.4 | $1.39 | $1.39 | $38.00 | $55.9K | 1.9K | 1.1K |
| BAC | PUT | SWEEP | BULLISH | 12/20/24 | $3.15 | $3.05 | $3.1 | $40.00 | $53.6K | 1.9K | 187 |
| BAC | PUT | SWEEP | BULLISH | 09/20/24 | $2.24 | $2.22 | $2.22 | $40.00 | $49.5K | 4.7K | 2.0K |
About Bank of America
Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.
In light of the recent options history for Bank of America, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Bank of America
- With a volume of 20,863,633, the price of BAC is up 1.76% at $39.31.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 46 days.
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 Bank of America 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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