Progressive Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Progressive PGR.

And retail traders should know.

We noticed this today when the positions 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 PGR, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 28 options trades for Progressive.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $30,800, and 27, calls, for a total amount of $2,733,651.

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Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $145.0 to $210.0 for Progressive during the past quarter.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Progressive's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Progressive's substantial trades, within a strike price spectrum from $145.0 to $210.0 over the preceding 30 days.

Progressive Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

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.

Present Market Standing of Progressive

• Trading volume stands at 1,355,850, with PGR's price up by 0.8%, positioned at $200.0.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 31 days.

What The Experts Say On Progressive

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $244.0.

• An analyst from B of A Securities has decided to maintain their Buy rating on Progressive, which currently sits at a price target of $261.
• An analyst from Morgan Stanley upgraded its action to Overweight with a price target of $227.

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.