Riot Platforms Unusual Options Activity For June 23

Investors with a lot of money to spend have taken a bullish stance on Riot Platforms RIOT.

And retail traders should know.

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

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 9 uncommon options trades for Riot Platforms.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 44%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $480,692, and 3 are calls, for a total amount of $111,506.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.0 to $12.0 for Riot Platforms over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Riot Platforms options trades today is 2430.57 with a total volume of 8,321.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Riot Platforms's big money trades within a strike price range of $7.0 to $12.0 over the last 30 days.

Riot Platforms Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Riot Platforms

Riot Platforms Inc is a vertically integrated Bitcoin mining company focused on building, supporting, and operating blockchain technologies. The company's segments include Bitcoin Mining and Engineering. The Bitcoin Mining segment generates revenue from the Bitcoin the Company earns through its Bitcoin Mining activities. The Engineering segment generates revenue through customer contracts for custom engineered electrical products. It generates the majority of its revenue from the Bitcoin Mining segment.

After a thorough review of the options trading surrounding Riot Platforms, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Present Market Standing of Riot Platforms

• With a volume of 22,285,437, the price of RIOT is down -6.33% at $8.96.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 37 days.

Professional Analyst Ratings for Riot Platforms

2 market experts have recently issued ratings for this stock, with a consensus target price of $14.5.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Riot Platforms, targeting a price of $14. * An analyst from Needham has decided to maintain their Buy rating on Riot Platforms, which currently sits at a price target of $15.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Riot Platforms options trades with real-time alerts from Benzinga Pro.