This Is What Whales Are Betting On Bank of America

A whale with a lot of money to spend has taken a noticeably bearish stance on Bank of America.

Looking at options history for Bank of America BAC we detected 12 strange trades.

If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 58% with bearish.

From the overall spotted trades, 9 are puts, for a total amount of $792,377 and 3, calls, for a total amount of $103,682.

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 $24.0 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 17442.1 with a total volume of 21,213.00.

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 $24.0 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 SWEEP BEARISH 12/15/23 $27.00 $147.9K 14.0K 88
BAC PUT SWEEP BULLISH 12/15/23 $29.00 $145.4K 10.8K 1.0K
BAC PUT SWEEP BEARISH 10/20/23 $27.00 $136.0K 42.7K 4.5K
BAC PUT SWEEP BEARISH 10/20/23 $27.00 $128.0K 42.7K 2.3K
BAC PUT SWEEP BULLISH 12/15/23 $29.00 $76.9K 10.8K 348

Where Is Bank of America Standing Right Now?

  • With a volume of 4,991,816, the price of BAC is down -0.73% at $27.4.
  • RSI indicators hint that the underlying stock may be oversold.
  • Next earnings are expected to be released in 21 days.

What The Experts Say On Bank of America:

  • HSBC downgraded its action to Buy with a price target of $35
  • RBC Capital downgraded its action to Outperform 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.
  • Oppenheimer has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $48.

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
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