High-rolling investors have positioned themselves bearish on Tapestry TPR, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in TPR often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Tapestry. This is not a typical pattern.
The sentiment among these major traders is split, with 12% bullish and 87% bearish. Among all the options we identified, there was one put, amounting to $64,720, and 7 calls, totaling $438,825.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $37.0 to $45.0 for Tapestry over the last 3 months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Tapestry stands at 617.33, with a total volume reaching 3,372.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Tapestry, situated within the strike price corridor from $37.0 to $45.0, throughout the last 30 days.
Tapestry Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| TPR | CALL | SWEEP | BEARISH | 09/20/24 | $42.50 | $110.3K | 10 | 500 |
| TPR | CALL | SWEEP | BEARISH | 08/16/24 | $42.50 | $98.0K | 3 | 625 |
| TPR | CALL | SWEEP | BEARISH | 09/20/24 | $45.00 | $77.5K | 238 | 500 |
| TPR | CALL | SWEEP | BEARISH | 08/16/24 | $45.00 | $65.0K | 7 | 625 |
| TPR | PUT | SWEEP | BULLISH | 01/19/24 | $37.00 | $64.7K | 72 | 809 |
About Tapestry
Coach, Kate Spade, and Stuart Weitzman are Tapestry's fashion and accessory brands. The firm's products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (66% of fiscal 2023 sales), Europe, Asia (29% of fiscal 2023 sales), and elsewhere. Coach (75% of fiscal 2023 sales) is best known for affordable luxury leather products. Kate Spade (21% of fiscal 2023 sales) is known for colorful patterns and graphics. Women's handbags and accessories produced 69% of Tapestry's sales in fiscal 2023. Stuart Weitzman (4% of sales) generates nearly all its revenue from women's footwear. In August 2023, Tapestry agreed to acquire rival Capri and its three brands, Michael Kors, Versace, and Jimmy Choo.
Having examined the options trading patterns of Tapestry, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Tapestry
- Currently trading with a volume of 1,953,965, the TPR's price is down by -1.1%, now at $37.75.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 36 days.
What Analysts Are Saying About Tapestry
In the last month, 1 experts released ratings on this stock with an average target price of $38.0.
- Reflecting concerns, an analyst from Morgan Stanley lowers its rating to Equal-Weight with a new price target of $38.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Tapestry options trades with real-time alerts from Benzinga Pro.
© 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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