What Are Whales Doing With GameStop

Someone with a lot of money to spend has taken a bearish stance on GameStop GME.

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 GME, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 18 uncommon options trades for GameStop.

This isn't normal.

The overall sentiment of these big-money traders is split between 27% bullish and 72%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $452,244, and 9 are calls, for a total amount of $326,159.

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 $55.0 to $125.0 for GameStop over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for GameStop options trades today is 1233.64 with a total volume of 8,590.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for GameStop's big money trades within a strike price range of $55.0 to $125.0 over the last 30 days.

GameStop Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
GME PUT TRADE BULLISH 06/03/22 $55.00 $116.3K 95 2.4K
GME PUT TRADE BEARISH 05/27/22 $100.00 $90.5K 520 102
GME PUT SWEEP BEARISH 06/17/22 $90.00 $49.8K 2.4K 89
GME CALL TRADE BEARISH 07/15/22 $125.00 $48.4K 264 356
GME CALL TRADE BEARISH 07/15/22 $125.00 $47.9K 264 547

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
GME PUT TRADE BULLISH 06/03/22 $55.00 $116.3K 95 2.4K
GME PUT TRADE BEARISH 05/27/22 $100.00 $90.5K 520 102
GME PUT SWEEP BEARISH 06/17/22 $90.00 $49.8K 2.4K 89
GME CALL TRADE BEARISH 07/15/22 $125.00 $48.4K 264 356
GME CALL TRADE BEARISH 07/15/22 $125.00 $47.9K 264 547

Where Is GameStop Standing Right Now?

  • With a volume of 1,027,355, the price of GME is up 1.11% at $96.72.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 16 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 {d[company_name]}, Benzinga Progives you real-time options trades alerts.

Posted In: BZI-UOAOptionsMarkets