Bank of America Unusual Options Activity For September 22

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 48 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, 23 are puts, for a total amount of $3,171,133, and 25 are calls, for a total amount of $1,038,408.

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 $20.0 to $40.0 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 15716.92 with a total volume of 57,637.00.

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 $20.0 to $40.0 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 PUT TRADE BULLISH 12/15/23 $28.00 $705.0K 12.7K 5.1K
BAC PUT TRADE BULLISH 01/16/26 $23.00 $525.0K 19 2.5K
BAC PUT TRADE BULLISH 01/16/26 $20.00 $524.0K 4.0K 4.0K
BAC PUT TRADE BULLISH 05/17/24 $27.00 $356.0K 181 2.0K
BAC PUT SWEEP BEARISH 10/20/23 $29.00 $138.0K 24.7K 1.0K

Where Is Bank of America Standing Right Now?

  • With a volume of 25,920,010, the price of BAC is down -1.46% at $27.64.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 25 days.

What The Experts Say On Bank of America:

  • HSBC downgraded its action to Buy with a price target of $35
  • Piper Sandler has decided to maintain their Underweight rating on Bank of America, which currently sits at a price target of $27.
  • RBC Capital downgraded its action to Outperform with a price target of $35

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