Check Out What Whales Are Doing With CHWY

Someone with a lot of money to spend has taken a bullish stance on Chewy CHWY.

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 CHWY, 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 24 uncommon options trades for Chewy.

This isn't normal.

The overall sentiment of these big-money traders is split between 54% bullish and 45%, bearish.

Out of all of the special options we uncovered, 12 are puts, for a total amount of $567,570, and 12 are calls, for a total amount of $678,852.

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 $32.5 to $55.0 for Chewy over the last 3 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 Chewy'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 Chewy's whale activity within a strike price range from $32.5 to $55.0 in the last 30 days.

Chewy Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Where Is Chewy Standing Right Now?

• With a volume of 4,237,609, the price of CHWY is down -8.68% at $32.5.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 79 days.

What The Experts Say On Chewy:

• Deutsche Bank has decided to maintain their Buy rating on Chewy, which currently sits at a price target of $52.
• Wedbush has decided to maintain their Neutral rating on Chewy, which currently sits at a price target of $35.
• Barclays has decided to maintain their Equal-Weight rating on Chewy, which currently sits at a price target of $30.
• JP Morgan has decided to maintain their Overweight rating on Chewy, which currently sits at a price target of $55.
• Deutsche Bank has decided to maintain their Buy rating on Chewy, which currently sits at a price target of $40.

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 Chewy, Benzinga Pro gives you real-time options trades alerts.