This Is What Whales Are Betting On Bank of America

Someone with a lot of money to spend has taken a bullish stance on Bank of America BAC.

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 BAC, 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 Bank of America.

This isn't normal.

The overall sentiment of these big-money traders is split between 66% bullish and 33%, bearish.

Out of all of the special options we uncovered, 10 are puts, for a total amount of $385,985, and 8 are calls, for a total amount of $347,767.

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 $28.0 to $75.0 for Bank of America over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Bank of America options trades today is 9124.47 with a total volume of 5,883.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Bank of America's big money trades within a strike price range of $28.0 to $75.0 over the last 30 days.

Bank of America 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
BAC CALL TRADE BULLISH 06/21/24 $45.00 $63.3K 1.2K 502
BAC CALL SWEEP BULLISH 01/19/24 $33.00 $56.9K 15.5K 101
BAC CALL TRADE BEARISH 12/16/22 $36.00 $55.0K 1.5K 1.0K
BAC CALL TRADE BULLISH 12/16/22 $36.00 $53.6K 1.5K 509
BAC PUT SWEEP BULLISH 10/21/22 $75.00 $49.5K 0 12

Where Is Bank of America Standing Right Now?

  • With a volume of 12,001,687, the price of BAC is up 1.39% at $33.9.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 80 days.

What The Experts Say On Bank of America:

  • Wells Fargo has decided to maintain their Overweight rating on Bank of America, which currently sits at a price target of $55.
  • RBC Capital has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $40.
  • Piper Sandler has decided to maintain their Overweight rating on Bank of America, which currently sits at a price target of $47.
  • Morgan Stanley has decided to maintain their Equal-Weight rating on Bank of America, which currently sits at a price target of $40.
  • Societe Generale upgraded its action to Buy with a price target of $37

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 Bank of America, Benzinga Pro gives you real-time options trades alerts.

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Posted In: OptionsMarketsBZI-UOA
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