Investors with a lot of money to spend have taken a bearish stance on Best Buy Co BBY.
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 BBY, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Best Buy Co.
This isn't normal.
The overall sentiment of these big-money traders is split between 12% bullish and 87%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $68,203, and 7, calls, for a total amount of $295,853.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $82.0 to $87.5 for Best Buy Co over the recent three months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Best Buy Co'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 Best Buy Co's whale activity within a strike price range from $82.0 to $87.5 in the last 30 days.
Best Buy Co Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BBY | PUT | TRADE | BEARISH | 08/30/24 | $2.83 | $2.76 | $2.83 | $82.00 | $68.2K | 222 | 305 |
| BBY | CALL | SWEEP | BEARISH | 12/20/24 | $4.85 | $4.75 | $4.75 | $87.50 | $56.5K | 921 | 392 |
| BBY | CALL | SWEEP | BEARISH | 12/20/24 | $4.85 | $4.8 | $4.8 | $87.50 | $52.8K | 921 | 792 |
| BBY | CALL | SWEEP | BEARISH | 12/20/24 | $5.0 | $4.9 | $4.9 | $87.50 | $48.0K | 921 | 137 |
| BBY | CALL | SWEEP | BEARISH | 09/20/24 | $3.5 | $3.4 | $3.4 | $85.00 | $46.9K | 1.3K | 151 |
About Best Buy Co
With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid-19 pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.
After a thorough review of the options trading surrounding Best Buy Co, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Best Buy Co's Current Market Status
- With a volume of 778,464, the price of BBY is down -0.13% at $83.03.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 15 days.
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 Best Buy Co, Benzinga Pro gives you real-time options trades alerts.
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