Someone with a lot of money to spend (and possibly insider knowledge) has taken an unusually bearish stance on AT&T.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with T, it often means somebody knows something is about to happen.

So how do we know what the Smart Money just did?

Today, Benzinga's options scanner spotted 14 uncommon options trades for AT&T (NYSE:T).

This isn't normal.

The overall sentiment of these big-money traders is split between 7.14% bullish and 92.86%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $1,190,724, and 7 are calls, for a total amount of $479,282.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that the smart money is targeting a price range from $27.0 to $34.0 for AT&T in the over the last 3 months.

Volume & Open Interest Development

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 AT&T'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 AT&T's smart money trades within a strike price range from $27.0 to $34.0 in the last 30 days.

AT&T Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Where Is AT&T Standing Right Now?

• With a volume of 23,388,134, the price of T is up 0.91% over the last 24 hours at $27.25.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 28 days.

What The Experts Say On AT&T:

• Loop Capital downgraded its action to Hold with a price target of $30.0
• LightShed Partners downgraded its action to Buy with a price target of $36.0