Deep-pocketed investors have adopted a bullish approach towards Bank of America BAC, 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 BAC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 53% leaning bullish and 30% bearish. Among these notable options, 5 are puts, totaling $1,168,683, and 8 are calls, amounting to $1,270,536.
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 $35.0 to $50.0 for Bank of America over the last 3 months.
Analyzing 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 Bank of America'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 Bank of America's whale trades within a strike price range from $35.0 to $50.0 in 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 | BEARISH | 01/17/25 | $1.18 | $1.15 | $1.16 | $42.00 | $870.0K | 24.8K | 7.5K |
| BAC | PUT | TRADE | BULLISH | 01/17/25 | $2.19 | $2.16 | $2.16 | $38.00 | $864.0K | 23.9K | 4.2K |
| BAC | PUT | TRADE | BULLISH | 10/18/24 | $2.39 | $2.36 | $2.37 | $40.00 | $118.5K | 8.1K | 560 |
| BAC | CALL | SWEEP | BULLISH | 01/17/25 | $1.89 | $1.87 | $1.89 | $40.00 | $113.4K | 67.3K | 2.7K |
| BAC | PUT | SWEEP | BEARISH | 10/18/24 | $2.08 | $2.06 | $2.08 | $40.00 | $104.0K | 8.1K | 2.2K |
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.
Following our analysis of the options activities associated with Bank of America, we pivot to a closer look at the company's own performance.
Present Market Standing of Bank of America
- Trading volume stands at 21,466,776, with BAC's price down by -1.78%, positioned at $38.58.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 34 days.
Professional Analyst Ratings for Bank of America
1 market experts have recently issued ratings for this stock, with a consensus target price of $45.0.
- An analyst from Deutsche Bank upgraded its action to Buy with a price target of $45.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Bank of America with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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