Deep-pocketed investors have adopted a bearish approach towards Gap GPS, 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 GPS usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Gap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 3 are puts, totaling $122,487, and 5 are calls, amounting to $311,594.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $25.0 and $35.0 for Gap, spanning the last three months.
Volume & Open Interest Trends
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 Gap'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 Gap's whale trades within a strike price range from $25.0 to $35.0 in the last 30 days.
Gap Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| GPS | CALL | SWEEP | BULLISH | 06/21/24 | $31.00 | $74.5K | 12 | 731 |
| GPS | PUT | SWEEP | BEARISH | 01/17/25 | $35.00 | $65.2K | 6 | 0 |
| GPS | CALL | TRADE | NEUTRAL | 06/21/24 | $27.00 | $64.5K | 489 | 131 |
| GPS | CALL | TRADE | BULLISH | 06/21/24 | $27.00 | $62.3K | 489 | 423 |
| GPS | CALL | TRADE | BEARISH | 06/21/24 | $27.00 | $61.5K | 489 | 2.8K |
About Gap
Gap retails apparel, accessories, and personal-care products under the Gap, Old Navy, Banana Republic, and Athleta brands. Old Navy generates more than half of Gap's sales. The firm also operates e-commerce sites, outlet stores, and specialty stores under various Gap names. Gap operates approximately 2,600 stores in North America, Europe, and Asia and franchises more than 900 stores in Asia, Europe, Latin America, and other regions. Gap was founded in 1969 and is based in San Francisco.
In light of the recent options history for Gap, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Gap
- Trading volume stands at 2,725,532, with GPS's price down by -0.59%, positioned at $25.25.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 64 days.
What Analysts Are Saying About Gap
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $22.24.
- Maintaining their stance, an analyst from B of A Securities continues to hold a Underperform rating for Gap, targeting a price of $15.
- Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on Gap with a target price of $28.
- Consistent in their evaluation, an analyst from TD Cowen keeps a Market Perform rating on Gap with a target price of $21.
- In a positive move, an analyst from KGI Securities has upgraded their rating to Outperform and adjusted the price target to $25.
- An analyst from Telsey Advisory Group has decided to maintain their Market Perform rating on Gap, which currently sits at a price target of $22.
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 Gap, 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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