Someone with a lot of money to spend has taken a bearish 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 54 uncommon options trades for Bank of America.
This isn't normal.
The overall sentiment of these big-money traders is split between 38% bullish and 61%, bearish.
Out of all of the special options we uncovered, 31 are puts, for a total amount of $4,193,690, and 23 are calls, for a total amount of $1,422,745.
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 $23.0 to $40.0 for Bank of America over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Bank of America'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 Bank of America's whale trades within a strike price range from $23.0 to $40.0 in 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 | PUT | TRADE | BEARISH | 11/17/23 | $28.00 | $1.1M | 189 | 2 |
| BAC | PUT | TRADE | BULLISH | 01/19/24 | $28.00 | $750.0K | 85.3K | 3.6K |
| BAC | PUT | SWEEP | BEARISH | 04/14/23 | $27.00 | $390.2K | 2.9K | 9.5K |
| BAC | PUT | TRADE | BULLISH | 06/20/25 | $28.00 | $319.5K | 2.1K | 750 |
| BAC | CALL | SWEEP | BEARISH | 04/14/23 | $30.00 | $289.1K | 7.5K | 10.3K |
Where Is Bank of America Standing Right Now?
- With a volume of 48,221,959, the price of BAC is down -1.3% at $28.12.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 21 days.
What The Experts Say On Bank of America:
- RBC Capital has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $34.
- Odeon Capital downgraded its action to Hold with a price target of $35
- Oppenheimer has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $44.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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