Deep-pocketed investors have adopted a bullish approach towards Shopify SHOP, 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 SHOP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Shopify. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 5 are puts, totaling $350,975, and 7 are calls, amounting to $329,870.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $65.0 for Shopify over the recent three months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Shopify's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Shopify's substantial trades, within a strike price spectrum from $50.0 to $65.0 over the preceding 30 days.
Shopify 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SHOP | PUT | TRADE | BEARISH | 10/18/24 | $8.2 | $8.15 | $8.2 | $65.00 | $81.9K | 718 | 130 |
| SHOP | CALL | TRADE | BEARISH | 08/09/24 | $3.15 | $3.1 | $3.1 | $62.00 | $77.5K | 279 | 3 |
| SHOP | PUT | TRADE | BULLISH | 12/20/24 | $2.87 | $2.85 | $2.85 | $50.00 | $76.6K | 1.7K | 273 |
| SHOP | PUT | TRADE | BEARISH | 09/20/24 | $7.6 | $7.55 | $7.6 | $65.00 | $76.0K | 3.6K | 207 |
| SHOP | PUT | TRADE | BEARISH | 09/20/24 | $7.5 | $7.45 | $7.5 | $65.00 | $75.0K | 3.6K | 106 |
About Shopify
Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.
After a thorough review of the options trading surrounding Shopify, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Shopify
- With a volume of 2,961,612, the price of SHOP is up 0.43% at $60.2.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 9 days.
Expert Opinions on Shopify
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $76.33333333333333.
- An analyst from Wolfe Research has revised its rating downward to Outperform, adjusting the price target to $80.
- An analyst from Piper Sandler has decided to maintain their Neutral rating on Shopify, which currently sits at a price target of $67.
- An analyst from B of A Securities upgraded its action to Buy with a price target of $82.
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 Shopify options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
