Deep-pocketed investors have adopted a bearish 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 11 extraordinary options activities for Shopify. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 18% leaning bullish and 81% bearish. Among these notable options, 4 are puts, totaling $141,210, and 7 are calls, amounting to $523,564.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $85.0 for Shopify over the last 3 months.
Volume & Open Interest Development
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 $70.0 to $85.0 over the preceding 30 days.
Shopify 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SHOP | CALL | SWEEP | NEUTRAL | 09/20/24 | $13.55 | $13.15 | $13.35 | $70.00 | $133.5K | 587 | 200 |
| SHOP | CALL | SWEEP | NEUTRAL | 09/20/24 | $13.4 | $13.05 | $13.27 | $70.00 | $132.5K | 587 | 100 |
| SHOP | CALL | TRADE | BULLISH | 09/20/24 | $13.3 | $13.0 | $13.2 | $70.00 | $132.0K | 587 | 300 |
| SHOP | PUT | SWEEP | BEARISH | 06/20/25 | $11.45 | $10.3 | $11.45 | $70.00 | $51.5K | 1.2K | 96 |
| SHOP | PUT | SWEEP | BEARISH | 06/20/25 | $11.45 | $11.3 | $11.45 | $70.00 | $34.3K | 1.2K | 0 |
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.
Having examined the options trading patterns of Shopify, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Shopify
- With a volume of 1,045,940, the price of SHOP is up 0.05% at $74.42.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 23 days.
What Analysts Are Saying About Shopify
In the last month, 1 experts released ratings on this stock with an average target price of $87.0.
- An analyst from Baird persists with their Outperform rating on Shopify, maintaining a target price of $87.
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 Shopify with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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