Penske Automotive Group Stock (NYSE: PAG)

Penske Automotive Group Stock (NYSE:PAG), Trade Ideas

Penske Automotive Group

Penske Automotive Group operates in nearly 20 us states and overseas. It has about 150 us light-vehicle stores including in Puerto Rico as well as 189 franchised dealerships overseas, primarily in the United Kingdom but also in Continental Europe and Japan. The company is the third-largest us-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns 44 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 19 CarShop used-vehicle stores in the us and UK The company is based in Bloomfield Hills, Michigan.

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Penske Automotive Group Q4 FY23 performance, boasting $7.27 billion in sales, surpassing analyst projections. Despite hurdles in the used vehicle market, PAG delivers notable growth, including an 8% surge in retail automotive new units and a 7% rise in same-store service and parts gross profit.

Used Car Blues Hit Bottom Line, But Penske Speeds Ahead with Sales Growth

Markets

Penske Automotive Group (NYSE: PAG) has made a significant move to expand its presence in the U.K.

Penske Automotive&#39;s UK Expansion: Adds $1B Revenue Stream With Rybrook Dealerships

Penske Automotive Group Inc (NYSE: PAG) reported third-quarter FY23 sales growth of 8% year-on-year to $7.45 billion, beating the analyst consensus of $7.26 billion.

Penske Automotive Q3 Revenue Grows On Strong North American Performance, Used Vehicle Affordability Remains a Concern, Says CEO

Penske Automotive Group, Inc. Common Stock

Penske Automotive Group Inc

Paragon ID

Plains GP Holdings, L.P. - Class A Shares representing limited partner interests

Plains GP Holdings LP

PagSeguro Digital Ltd. Class A Common Shares

PagSeguro Digital Ltd

Pagaya Technologies Ltd. - Class A Ordinary Shares

Pagaya Technologies Ltd

PageGroup PLC

PagerDuty Inc

B of A Securities analyst John Murphy maintains Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) with a Buy and raises the price target from $175 to $180.

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B of A Securities Maintains Buy on Penske Automotive Group, Raises Price Target to $180

Penske Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, intends to expand its retail automotive operations into Australia by acquiring two Porsche dealerships along with a Ducati motorcycle dealership in Melbourne, Australia.
The Company has signed an agreement to acquire Porsche Centre Brighton, Porsche Centre Doncaster and Ducati Melbourne West.&nbsp; The Brighton dealership, which is located approximately 20 minutes from central Melbourne, opened in March 2009 and has been serving the Porsche community in Melbourne for nearly 15 years.&nbsp; The Doncaster dealership is the newest official Porsche Centre located in the high-growth northeast Melbourne suburbs. &nbsp;&nbsp;
Commenting on the acquisition, Penske Automotive Group Head of International Operations Randall Seymore said, "We are delighted to announce this transaction and expand our partnership with the Porsche brand. &nbsp;For over ten years we have strategically built a diverse commercial vehicle and power systems business that operates across Australia and New Zealand based on our commitment to strong customer service. &nbsp;With this acquisition we will leverage that existing infrastructure and our significant experience in the retail automotive industry to drive growth of the Porsche brand in Melbourne by building a relationship with Porsche enthusiasts through a focus on the customer experience." &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The acquisition is expected to close in the second quarter of 2024, subject to customary conditions.

Global

Penske Automotive Group To Expand Retail Automotive Presence Into Melbourne, Australia By Acquiring Two Porsche Dealerships Along With A Ducati Motorcycle Dealership; Financial Terms Not Disclosed, Acquisition Is Expected To Close In Q2 2024

Penske Automotive Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) short percent of float has fallen 4.04% since its last report. The company recently reported that it has 2.72 million shares sold short, which is 14.49% of all regular shares that are available for trading. Based on its trading volume, it would take traders 14.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Penske Automotive Group Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712149223_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Penske Automotive Group has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Penske Automotive Group's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Penske Automotive Group's peer group average for short interest as a percentage of float is 12.88%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

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Trading Ideas

Looking Into Penske Automotive Group's Recent Short Interest

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Consumer Discretionary sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSLA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/05/24</td>
<td>$170.00</td>
<td>$26.8K</td>
<td>23.0K</td>
<td>31.3K</td>
</tr>
<tr>
<td>VFC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>04/05/24</td>
<td>$15.00</td>
<td>$45.4K</td>
<td>1.8K</td>
<td>3.4K</td>
</tr>
<tr>
<td>F</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$11.82</td>
<td>$30.9K</td>
<td>30.0K</td>
<td>2.7K</td>
</tr>
<tr>
<td>NIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$4.50</td>
<td>$32.0K</td>
<td>2.4K</td>
<td>1.8K</td>
</tr>
<tr>
<td>RIVN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$11.00</td>
<td>$33.7K</td>
<td>3.9K</td>
<td>1.7K</td>
</tr>
<tr>
<td>RH</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/05/24</td>
<td>$350.00</td>
<td>$61.2K</td>
<td>0</td>
<td>643</td>
</tr>
<tr>
<td>W</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/05/24</td>
<td>$65.00</td>
<td>$45.0K</td>
<td>84</td>
<td>576</td>
</tr>
<tr>
<td>LCID</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$3.50</td>
<td>$34.0K</td>
<td>756</td>
<td>400</td>
</tr>
<tr>
<td>GM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$42.00</td>
<td>$75.0K</td>
<td>1.5K</td>
<td>282</td>
</tr>
<tr>
<td>PAG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$115.00</td>
<td>$62.9K</td>
<td>1.2K</td>
<td>277</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we observe a put option sweep with bullish sentiment. It expires in 7 day(s) on April 5, 2024. Parties traded 93 contract(s) at a $170.00 strike. This particular put needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $26.8K, with a price of $289.0 per contract. There were 23035 open contracts at this strike prior to today, and today 31357 contract(s) were bought and sold. 
• For VFC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>), we notice a put option sweep that happens to be neutral, expiring in 7 day(s) on April 5, 2024. This event was a transfer of 2495 contract(s) at a $15.00 strike. This particular put needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $45.4K, with a price of $19.0 per contract. There were 1883 open contracts at this strike prior to today, and today 3403 contract(s) were bought and sold. 
• For F (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), we notice a put option sweep that happens to be bullish, expiring in 49 day(s) on May 17, 2024. This event was a transfer of 1821 contract(s) at a $11.82 strike. This particular put needed to be split into 30 different trades to become filled. The total cost received by the writing party (or parties) was $30.9K, with a price of $17.0 per contract. There were 30092 open contracts at this strike prior to today, and today 2790 contract(s) were bought and sold. 
• Regarding NIO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), we observe a call option sweep with bullish sentiment. It expires in 21 day(s) on April 19, 2024. Parties traded 1000 contract(s) at a $4.50 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $32.0K, with a price of $32.0 per contract. There were 2408 open contracts at this strike prior to today, and today 1802 contract(s) were bought and sold. 
• Regarding RIVN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), we observe a call option sweep with bullish sentiment. It expires in 21 day(s) on April 19, 2024. Parties traded 450 contract(s) at a $11.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $33.7K, with a price of $75.0 per contract. There were 3995 open contracts at this strike prior to today, and today 1722 contract(s) were bought and sold. 
• Regarding RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>), we observe a put option sweep with bullish sentiment. It expires in 7 day(s) on April 5, 2024. Parties traded 60 contract(s) at a $350.00 strike. This particular put needed to be split into 23 different trades to become filled. The total cost received by the writing party (or parties) was $61.2K, with a price of $1038.0 per contract. There were 0 open contracts at this strike prior to today, and today 643 contract(s) were bought and sold. 
• Regarding W (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>), we observe a put option sweep with bearish sentiment. It expires in 7 day(s) on April 5, 2024. Parties traded 500 contract(s) at a $65.00 strike. This particular put needed to be split into 44 different trades to become filled. The total cost received by the writing party (or parties) was $45.0K, with a price of $90.0 per contract. There were 84 open contracts at this strike prior to today, and today 576 contract(s) were bought and sold. 
• Regarding LCID (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), we observe a call option trade with bullish sentiment. It expires in 658 day(s) on January 16, 2026. Parties traded 366 contract(s) at a $3.50 strike. The total cost received by the writing party (or parties) was $34.0K, with a price of $93.0 per contract. There were 756 open contracts at this strike prior to today, and today 400 contract(s) were bought and sold. 
• Regarding GM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), we observe a put option sweep with bullish sentiment. It expires in 49 day(s) on May 17, 2024. Parties traded 1250 contract(s) at a $42.00 strike. This particular put needed to be split into 29 different trades to become filled. The total cost received by the writing party (or parties) was $75.0K, with a price of $60.0 per contract. There were 1531 open contracts at this strike prior to today, and today 282 contract(s) were bought and sold. 
• For PAG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), we notice a call option trade that happens to be bearish, expiring in 49 day(s) on May 17, 2024. This event was a transfer of 13 contract(s) at a $115.00 strike. The total cost received by the writing party (or parties) was $62.9K, with a price of $4840.0 per contract. There were 1204 open contracts at this strike prior to today, and today 277 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

LCID

RIVN

TSLA

10 Consumer Discretionary Stocks With Whale Alerts In Today's Session

Morgan Stanley analyst Adam Jonas maintains Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) with a Underweight and raises the price target from $107 to $115.

Morgan Stanley Maintains Underweight on Penske Automotive Group, Raises Price Target to $115

RONALD STEINHART, Board Member at Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), reported an insider sell on February 20, according to a new SEC filing. 
What Happened: STEINHART's recent Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0001019849/000101984924000035//Archives/edgar/data/1019849/000101984924000035/0001019849-24-000035-index.htm">U.S. Securities and Exchange Commission</a> on Tuesday unveiled the sale of 2,029 shares of Penske Automotive Group. The total transaction value is $303,497.
Monitoring the market, Penske Automotive Group's shares down by 2.01% at $146.19 during Tuesday's morning.
<h3>All You Need to Know About Penske Automotive Group</h3>
Penske Automotive Group operates in about 20 U.S. states and overseas. It has about 150 U.S. light-vehicle stores including in Puerto Rico as well as 189 franchised dealerships overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns 44 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 20 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.
<h3>Breaking Down Penske Automotive Group's Financial Performance</h3>
Revenue Growth: Over the 3 months period, Penske Automotive Group showcased positive performance, achieving a revenue growth rate of 3.71% as of 31 December, 2023. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Consumer Discretionary sector, the company excelled with a growth rate higher than the average among peers.
Interpreting Earnings Metrics:
<ul>
<li>
Gross Margin: The company shows a low gross margin of 16.34%, indicating concerns regarding cost management and overall profitability relative to its industry counterparts.
</li>
<li>
Earnings per Share (EPS): Penske Automotive Group's EPS reflects a decline, falling below the industry average with a current EPS of 2.84.
</li>
</ul>
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 1.64.
Market Valuation:
<ul>
<li>
Price to Earnings (P/E) Ratio: With a lower-than-average P/E ratio of 9.63, the stock indicates an attractive valuation, potentially presenting a buying opportunity.
</li>
<li>
Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 0.34, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With a lower-than-industry-average EV/EBITDA ratio of 9.88, Penske Automotive Group presents a potential value opportunity, as investors are paying less for each unit of EBITDA.
</li>
</ul>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
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<h3>Navigating the Impact of Insider Transactions on Investments</h3>
Insider transactions serve as a piece of the puzzle in investment decisions, rather than the entire picture.
Exploring the legal landscape, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated by Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and major hedge funds. These insiders are required to report their transactions through a Form 4 filing, which must be submitted within two business days of the transaction.
Highlighted by a company insider's new purchase, there's a positive anticipation for the stock to rise.
But, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>Breaking Down the Significance of Transaction Codes</h3>
When analyzing transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> tend to focus on those in the open market, detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase,while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0001019849">Check Out The Full List Of Penske Automotive Group's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Penske Automotive Group Board Member Sold $303K In Company Stock

Revealing a significant insider sell on February 20, GREG SMITH, Director at Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), as per the latest SEC filing.
What Happened: A Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0001019849/000101984924000039//Archives/edgar/data/1019849/000101984924000039/0001019849-24-000039-index.htm">U.S. Securities and Exchange Commission</a> on Tuesday outlined that SMITH executed a sale of 1,604 shares of Penske Automotive Group with a total value of $239,600.
As of Tuesday morning, Penske Automotive Group shares are down by 0.0%, currently priced at $149.19.
<h3>Delving into Penske Automotive Group's Background</h3>
Penske Automotive Group operates in about 20 U.S. states and overseas. It has about 150 U.S. light-vehicle stores including in Puerto Rico as well as 189 franchised dealerships overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns 44 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 20 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.
<h3>Penske Automotive Group: A Financial Overview</h3>
Revenue Growth: Penske Automotive Group's revenue growth over a period of 3 months has been noteworthy. As of 31 December, 2023, the company achieved a revenue growth rate of approximately 3.71%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Key Profitability Indicators:
<ul>
<li>
Gross Margin: With a low gross margin of 16.34%, the company exhibits below-average profitability, signaling potential struggles in cost efficiency compared to its industry peers.
</li>
<li>
Earnings per Share (EPS): Penske Automotive Group's EPS reflects a decline, falling below the industry average with a current EPS of 2.84.
</li>
</ul>
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 1.64.
Financial Valuation Breakdown:
<ul>
<li>
Price to Earnings (P/E) Ratio: Penske Automotive Group's P/E ratio of 9.63 is below the industry average, suggesting the stock may be undervalued.
</li>
<li>
Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 0.34, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With a below-average EV/EBITDA ratio of 9.88, Penske Automotive Group presents an opportunity for value investors. This lower valuation may attract investors seeking undervalued opportunities.
</li>
</ul>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
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<h3>Delving Into the Significance of Insider Transactions</h3>
Insider transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.
When discussing legal matters, the term "insider" refers to any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated in Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and significant hedge funds. Such insiders are required to report their transactions through a Form 4 filing, which must be completed within two business days of the transaction.
A new purchase by a company insider is a indication that they anticipate the stock will rise.
On the other hand, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>The Insider's Guide to Important Transaction Codes</h3>
In the domain of transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0001019849">Check Out The Full List Of Penske Automotive Group's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Director Of Penske Automotive Group Sold $239K In Stock

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Shares of several companies in the broader consumer discretionary sector are trading lower after January CPI data showed a greater-than-expected rise in inflation.

Penske Automotive Group Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) reported fourth-quarter FY23 sales growth of 4% Y/Y to $7.27 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/n36976805/penske-automotive-group-reports-quarterly-and-full-year-2023-results" rel="noreferrer noopener">analyst consensus of $7.21 billion</a>.&nbsp;
The results benefited from continued strong performance in retail automotive and retail commercial truck operations, with an increase of 8% in retail automotive new units delivered and a 7% increase in same-store service and parts gross profit.
Total retail automotive same-store revenue increased 4%, including a 7% rise in service &amp; parts revenue.
The company&#8217;s gross profit increased 0.4% Y/Y to $1.19 billion, and the gross margin contracted to 16.3% from 16.9% a year ago.
The operating margin was 3.7%, down from 4.8% a year ago, and operating income for the quarter fell 20.8% Y/Y to $265.7 million.
EBITDA for the quarter fell to $316.5 million, down from $446.0 million a year ago. Adjusted EPS of $3.45 missed the analyst <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus of $3.69</a>.
The company recorded a non-cash goodwill impairment charge of $0.61 per share for the quarter, related to the lower supply of quality and low mileage used vehicles for its customers.
The company held $96.4 million in cash and cash equivalents as of December 31, 2023.
The company recently approved a 10% increase in the quarterly dividend per share to $0.87, payable on March 1, 2024, to shareholders&nbsp;<a target="_blank" href="https://www.benzinga.com//node/36656761" rel="noreferrer noopener">of record as of February 15, 2024.&nbsp;</a>
In 2023, Penske repurchased 2.6 million shares of common stock for about $358.7 million and had $215.5 million remaining under the existing repurchase authority as of December 31, 2023.
Chair and CEO Roger Penske said, &#8220;Demand for new vehicles remains strong while used vehicle supply and affordability remains challenging&#8230;.I was particularly pleased with the sequential performance of retail automotive new and used vehicle gross profit per unit retailed which only declined marginally from the third to fourth quarter of 2023.&#8221;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/12/36175644/penske-automotives-uk-expansion-adds-1b-revenue-stream-with-rybrook-dealerships" rel="noreferrer noopener">Penske Automotive&#8217;s UK Expansion: Adds $1B Revenue Stream With Rybrook Dealerships</a>
Price Action:&nbsp;PAG shares are down 1.28% at $147.82 on the last check Wednesday.

Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) reported adjusted quarterly earnings of $3.45 per share which missed the analyst consensus estimate of $3.69 by 6.5 percent. This is a 18.05 percent decrease over earnings of $4.21 per share from the same period last year. The company reported quarterly sales of $7.27 billion which beat the analyst consensus estimate of $7.21 billion by 0.86 percent. This is a 3.71 percent increase over sales of $7.01 billion the same period last year.

Penske Automotive Group Q4 Adj. EPS $3.45 Misses $3.69 Estimate, Sales $7.27B Beat $7.21B Estimate

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Earnings Scheduled For February 7, 2024

Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-02-07. Here's what investors need to know before the announcement.
Analysts estimate that Penske Automotive Group will report an earnings per share (EPS) of $3.71. 
Penske Automotive Group bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company missed EPS by $0.12, which was followed by a 2.23% increase in the share price the next day.
Here's a look at Penske Automotive Group's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>4.04</td>
<td>4.19</td>
<td>4.13</td>
<td>3.95</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>3.92</td>
<td>4.41</td>
<td>4.31</td>
<td>4.21</td>
</tr>
<tr>
<td>Price Change %</td>
<td>2.23%</td>
<td>0.06%</td>
<td>1.68%</td>
<td>2.48%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1707228105_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Penske Automotive Group were trading at $149.61 as of February 02. Over the last 52-week period, shares are up 10.15%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<a href="https://www.benzinga.com/quote/PAG/earnings">To track all earnings releases for Penske Automotive Group visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Outlook For Penske Automotive Group

Penske Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), a diversified international transportation services company and one of the world&#39;s premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of&nbsp;$0.87&nbsp;per share, representing an increase of&nbsp;10%.&nbsp;

Penske Automotive Increases Dividend By 10%

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Shares of companies in the consumer discretionary sector are trading lower as stocks across sectors drop amid a rise in yields.

<h3>What is a Value Stock?</h3>
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. 
<h2>Benzinga Insights has compiled a list of value stocks in the consumer cyclical sector that may be worth watching:</h2>
<ol>
<li>Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) - P/E: 9.64</li>
<li>Sally Beauty Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBH#NYSE">SBH</a>) - P/E: 7.8</li>
<li>Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPR#NYSE">EXPR</a>) - P/E: 0.15</li>
<li>Connexa Sports Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNXA#NASDAQ">CNXA</a>) - P/E: 0.4</li>
<li>Caleres (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAL#NYSE">CAL</a>) - P/E: 7.0</li>
</ol>
This quarter, Penske Automotive Group experienced a decrease in earnings per share, which was $4.41 in Q2 and is now $3.92. Its most recent dividend yield is at 2.08%, which has increased by 0.46% from 1.62% in the previous quarter.
Most recently, Sally Beauty Holdings reported earnings per share at $0.42, whereas in Q3 earnings per share sat at $0.49. Most recently, Express reported earnings per share at $-9.83, whereas in Q2 earnings per share sat at $-9.05. Connexa Sports Techs has reported Q2 earnings per share at $-14.29, which has decreased by 640.41% compared to Q1, which was -1.93. Caleres saw an increase in earnings per share from 0.98 in Q2 to $1.37 now. Most recently, the company reported a dividend yield of 1.0%, which has decreased by 0.12% from last quarter's yield of 1.12%.
These 5 value stocks were selected by Benzinga Insights based on quantified analysis. While this methodical judgment process is not meant to make final decisions, our technology can give investors additional perception into the sector.

CONNEXA SPORTS TECH INC by Connexa Sports Technologies Inc.

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Overview Of Value Stocks In The Consumer Cyclical Sector

<h3>Understanding Value Stocks</h3>
A value stock traditionally has a lower price when compared to stock prices of companies in the same industry. This indicates that the company may be undervalued, as investors are not expressing as much interest in such companies. The most commonly used way to check for value is with the price-to-earnings multiple, or P/E. A low P/E multiple is a good indication that the stock is undervalued. 
<h2>The following stocks are considered to be notable value stocks in the consumer cyclical sector:</h2>
<ol>
<li>Good Times Restaurants (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTIM#NASDAQ">GTIM</a>) - P/E: 2.37</li>
<li>M/I Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHO#NYSE">MHO</a>) - P/E: 7.13</li>
<li>Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) - P/E: 9.49</li>
<li>BorgWarner (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BWA#NYSE">BWA</a>) - P/E: 8.47</li>
<li>Green Brick Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRBK#NYSE">GRBK</a>) - P/E: 8.97</li>
</ol>
Most recently, Good Times Restaurants reported earnings per share at $-0.02, whereas in Q3 earnings per share sat at $0.07. M/I Homes has reported Q3 earnings per share at $4.82, which has increased by 16.99% compared to Q2, which was 4.12. Penske Automotive Group's earnings per share for Q3 sits at $3.92, whereas in Q2, they were at 4.41. Its most recent dividend yield is at 2.08%, which has increased by 0.46% from 1.62% in the previous quarter.
BorgWarner saw a decrease in earnings per share from 1.35 in Q2 to $0.98 now. The company's most recent dividend yield sits at 1.35%, which has increased by 0.39% from 0.96% last quarter. 
Green Brick Partners's earnings per share for Q3 sits at $1.56, whereas in Q2, they were at 1.63. 
These 5 value stocks were selected by Benzinga Insights based on quantified analysis. While this methodical judgment process is not meant to make final decisions, our technology can give investors additional perception into the sector.

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5 Value Stocks In The Consumer Cyclical Sector

It was reported on December 13, that Sandra Pierce, Board Member at Penske Automotive Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) executed a significant insider sell, according to an SEC filing.
What Happened: A Form 4 filing from the <a href="https://www.sec.gov/Archives/edgar/data/0001019849/000101984923000171//Archives/edgar/data/1019849/000101984923000171/0001019849-23-000171-index.htm">U.S. Securities and Exchange Commission</a> on Wednesday showed that Pierce sold 8,750 shares of Penske Automotive Group. The total transaction amounted to $1,326,675. 
In the Thursday's morning session, Penske Automotive Group's shares are currently trading at $155.87, experiencing a down of 0.0%.
<h3>Discovering Penske Automotive Group: A Closer Look</h3>
Penske Automotive Group operates in about 20 U.S. states and overseas. It has about 150 U.S. light-vehicle stores including in Puerto Rico as well as 189 franchised dealerships overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns 44 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 20 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.
<h3>Financial Insights: Penske Automotive Group</h3>
Revenue Growth: Penske Automotive Group's remarkable performance in 3 months is evident. As of 30 September, 2023, the company achieved an impressive revenue growth rate of 7.62%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Exploring Profitability:
<ul>
<li>
Gross Margin: The company issues a cost efficiency warning with a low gross margin of 16.39%, indicating potential difficulties in maintaining profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Penske Automotive Group's EPS lags behind the industry average, indicating concerns and potential challenges with a current EPS of 3.92.
</li>
</ul>
Debt Management: With a below-average debt-to-equity ratio of 1.56, Penske Automotive Group adopts a prudent financial strategy, indicating a balanced approach to debt management.
Valuation Analysis:
<ul>
<li>
Price to Earnings (P/E) Ratio: The P/E ratio of 9.24 is lower than the industry average, implying a discounted valuation for Penske Automotive Group's stock.
</li>
<li>
Price to Sales (P/S) Ratio: The Price to Sales ratio is 0.37, which is lower than the industry average. This suggests a possible undervaluation based on sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): The company's EV/EBITDA ratio of 9.17 trails industry averages, indicating a potential disparity in market valuation that could be advantageous for investors.
</li>
</ul>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
<a href="https://www.schwab.com/brokerage?aff=XEC">Now trade stocks online commission free with Charles Schwab, a trusted and complete investment firm.</a>
<h3>Navigating the Impact of Insider Transactions on Investments</h3>
Investors should view insider transactions as part of a multifaceted analysis and not rely solely on them for decision-making.
Exploring the legal landscape, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated by Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and major hedge funds. These insiders are required to report their transactions through a Form 4 filing, which must be submitted within two business days of the transaction.
Highlighted by a company insider's new purchase, there's a positive anticipation for the stock to rise.
But, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>Breaking Down the Significance of Transaction Codes</h3>
Navigating through the landscape of transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> often prioritize those unfolding in the open market, precisely detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0001019849">Check Out The Full List Of Penske Automotive Group's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Board Member Of Penske Automotive Group Sold $1.33M In Stock

Penske Automotive Group&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pag#NYSE">PAG</a>) has made a significant move to expand its presence in the U.K. by acquiring Rybrook Group Limited, which consists of 15 high-end&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/12/n36173414/penske-automotive-group-to-expand-presence-in-the-united-kingdom" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">dealerships across the U.K. Terms were not disclosesd.</a>
This acquisition marks a noteworthy expansion for Penske Automotive Group, encompassing four BMW and MINI dealerships each, four Volvo dealerships, two Land Rover dealerships, and one Porsche dealership. Adding to the diversity, three BMW locations are also involved in the retail of BMW Motorrad motorcycles.
The 15 dealerships together are estimated to contribute an annualized revenue of around $1 billion.
Penske plans to fund this acquisition through its existing liquidity and is expected to close in January 2024, subject to customary conditions.
PAG held $104.4 million in cash and equivalents&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/10/35415107/penske-automotive-q3-revenue-grows-on-strong-north-american-performance-used-vehicle-affordability-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">as of September 30, 2023.</a>
Price Action: PAG shares closed lower by 0.07% at $150.26 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.
Photo Via Company

Penske Automotive's UK Expansion: Adds $1B Revenue Stream With Rybrook Dealerships

The dealerships to be acquired represent estimated annualized revenues of&nbsp;$1 billion. The Company has received certain regulatory approvals.&nbsp; The acquisition is anticipated to be funded using the Company&#39;s existing liquidity and is expected to close in&nbsp;January 2024, subject to customary conditions.

Penske Automotive Agrees To Acquire Rybrook Group Consisting Of 15 Premium Dealerships In UK; No Terms Disclosed

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/01/23</td>
<td>$150.00</td>
<td>$26.5K</td>
<td>26.7K</td>
<td>26.3K</td>
</tr>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/15/23</td>
<td>$250.00</td>
<td>$161.3K</td>
<td>48.3K</td>
<td>12.5K</td>
</tr>
<tr>
<td>NIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/19/24</td>
<td>$11.00</td>
<td>$40.0K</td>
<td>10.9K</td>
<td>5.0K</td>
</tr>
<tr>
<td>CVNA</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/19/24</td>
<td>$32.50</td>
<td>$1.7 million</td>
<td>7.8K</td>
<td>3.7K</td>
</tr>
<tr>
<td>PDD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/15/24</td>
<td>$110.00</td>
<td>$44.0K</td>
<td>1.2K</td>
<td>552</td>
</tr>
<tr>
<td>JMIA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.00</td>
<td>$30.2K</td>
<td>2.4K</td>
<td>241</td>
</tr>
<tr>
<td>HAS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$60.00</td>
<td>$26.4K</td>
<td>282</td>
<td>150</td>
</tr>
<tr>
<td>PAG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>12/15/23</td>
<td>$115.00</td>
<td>$38.0K</td>
<td>1.2K</td>
<td>129</td>
</tr>
<tr>
<td>RIVN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$17.50</td>
<td>$28.4K</td>
<td>860</td>
<td>81</td>
</tr>
<tr>
<td>MELI</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/19/24</td>
<td>$1500.00</td>
<td>$27.2K</td>
<td>148</td>
<td>72</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we observe a call option trade with bearish sentiment. It expires in 3 day(s) on December 1, 2023. Parties traded 500 contract(s) at a $150.00 strike. The total cost received by the writing party (or parties) was $26.5K, with a price of $53.0 per contract. There were 26749 open contracts at this strike prior to today, and today 26335 contract(s) were bought and sold. 
• Regarding TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we observe a call option sweep with bullish sentiment. It expires in 17 day(s) on December 15, 2023. Parties traded 252 contract(s) at a $250.00 strike. This particular call needed to be split into 17 different trades to become filled. The total cost received by the writing party (or parties) was $161.3K, with a price of $640.0 per contract. There were 48329 open contracts at this strike prior to today, and today 12532 contract(s) were bought and sold. 
• Regarding NIO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), we observe a call option sweep with bullish sentiment. It expires in 52 day(s) on January 19, 2024. Parties traded 5000 contract(s) at a $11.00 strike. This particular call needed to be split into 13 different trades to become filled. The total cost received by the writing party (or parties) was $40.0K, with a price of $8.0 per contract. There were 10995 open contracts at this strike prior to today, and today 5068 contract(s) were bought and sold. 
• Regarding CVNA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), we observe a put option trade with bearish sentiment. It expires in 52 day(s) on January 19, 2024. Parties traded 3725 contract(s) at a $32.50 strike. The total cost received by the writing party (or parties) was $1.7 million, with a price of $470.0 per contract. There were 7852 open contracts at this strike prior to today, and today 3737 contract(s) were bought and sold. 
• Regarding PDD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), we observe a put option sweep with bearish sentiment. It expires in 108 day(s) on March 15, 2024. Parties traded 200 contract(s) at a $110.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $44.0K, with a price of $220.0 per contract. There were 1257 open contracts at this strike prior to today, and today 552 contract(s) were bought and sold. 
• Regarding JMIA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>), we observe a call option sweep with bearish sentiment. It expires in 416 day(s) on January 17, 2025. Parties traded 200 contract(s) at a $3.00 strike. This particular call needed to be split into 13 different trades to become filled. The total cost received by the writing party (or parties) was $30.2K, with a price of $155.0 per contract. There were 2456 open contracts at this strike prior to today, and today 241 contract(s) were bought and sold. 
• Regarding HAS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>), we observe a call option sweep with bullish sentiment. It expires in 143 day(s) on April 19, 2024. Parties traded 480 contract(s) at a $60.00 strike. This particular call needed to be split into 22 different trades to become filled. The total cost received by the writing party (or parties) was $26.4K, with a price of $55.0 per contract. There were 282 open contracts at this strike prior to today, and today 150 contract(s) were bought and sold. 
• For PAG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>), we notice a call option sweep that happens to be neutral, expiring in 17 day(s) on December 15, 2023. This event was a transfer of 10 contract(s) at a $115.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $38.0K, with a price of $3807.0 per contract. There were 1205 open contracts at this strike prior to today, and today 129 contract(s) were bought and sold. 
• For RIVN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), we notice a call option trade that happens to be bullish, expiring in 780 day(s) on January 16, 2026. This event was a transfer of 40 contract(s) at a $17.50 strike. The total cost received by the writing party (or parties) was $28.4K, with a price of $711.0 per contract. There were 860 open contracts at this strike prior to today, and today 81 contract(s) were bought and sold. 
• For MELI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), we notice a put option trade that happens to be bearish, expiring in 52 day(s) on January 19, 2024. This event was a transfer of 8 contract(s) at a $1500.00 strike. The total cost received by the writing party (or parties) was $27.2K, with a price of $3400.0 per contract. There were 148 open contracts at this strike prior to today, and today 72 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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