This Is What Whales Are Betting On 3M

This Is What Whales Are Betting On 3M

Someone with a lot of money to spend has taken a bearish stance on 3M MMM.

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 MMM, 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 16 uncommon options trades for 3M.

This isn't normal.

The overall sentiment of these big-money traders is split between 43% bullish and 56%, bearish.

Out of all of the special options we uncovered, 8 are puts, for a total amount of $288,775, and 8 are calls, for a total amount of $371,140.

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 $115.0 to $150.0 for 3M 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 3M'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 3M's whale activity within a strike price range from $115.0 to $150.0 in the last 30 days.

3M 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
MMM CALL TRADE BEARISH 10/28/22 $119.00 $82.8K 325 435
MMM CALL TRADE BULLISH 11/11/22 $115.00 $62.0K 505 461
MMM CALL TRADE BEARISH 10/28/22 $120.00 $57.7K 1.4K 523
MMM PUT SWEEP BULLISH 01/20/23 $150.00 $54.4K 1.1K 16
MMM PUT TRADE BEARISH 11/18/22 $120.00 $42.3K 613 138

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
MMM CALL TRADE BEARISH 10/28/22 $119.00 $82.8K 325 435
MMM CALL TRADE BULLISH 11/11/22 $115.00 $62.0K 505 461
MMM CALL TRADE BEARISH 10/28/22 $120.00 $57.7K 1.4K 523
MMM PUT SWEEP BULLISH 01/20/23 $150.00 $54.4K 1.1K 16
MMM PUT TRADE BEARISH 11/18/22 $120.00 $42.3K 613 138

Where Is 3M Standing Right Now?

  • With a volume of 1,968,950, the price of MMM is up 1.7% at $118.8.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 1 days.

What The Experts Say On 3M:

  • Morgan Stanley has decided to maintain their Underweight rating on 3M, which currently sits at a price target of $108.
  • Barclays has decided to maintain their Underweight rating on 3M, which currently sits at a price target of $130.
  • Deutsche Bank has decided to maintain their Hold rating on 3M, which currently sits at a price target of $126.
  • Goldman Sachs has decided to maintain their Neutral rating on 3M, which currently sits at a price target of $129.

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 3M, Benzinga Pro gives you real-time options trades alerts.

Posted In: BZI-UOAOptionsMarkets