This Is What Whales Are Betting On 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 15 uncommon options trades for GameStop.

This isn't normal.

The overall sentiment of these big-money traders is split between 26% bullish and 73%, bearish.

Out of all of the special options we uncovered, 13 are puts, for a total amount of $956,359, and 2 are calls, for a total amount of $67,337.

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 $23.75 to $80.0 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 1913.89 with a total volume of 13,761.00.

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 $23.75 to $80.0 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 SWEEP BEARISH 12/16/22 $23.75 $169.6K 163 2.0K
GME PUT SWEEP BEARISH 10/07/22 $25.00 $129.5K 1.9K 21
GME PUT TRADE BULLISH 12/16/22 $23.75 $106.2K 163 1.6K
GME PUT TRADE BEARISH 08/18/23 $80.00 $91.0K 69 36
GME PUT TRADE BULLISH 08/18/23 $80.00 $90.9K 69 52

Where Is GameStop Standing Right Now?

  • With a volume of 1,720,972, the price of GME is down -5.67% at $24.52.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 61 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 GameStop, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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