A whale with a lot of money to spend has taken a noticeably bearish stance on Block.
Looking at options history for Block (NYSE:SQ) we detected 92 strange trades.
If we consider the specifics of each trade, it is accurate to state that 34% of the investors opened trades with bullish expectations and 65% with bearish.
From the overall spotted trades, 63 are puts, for a total amount of $7,304,820 and 29, calls, for a total amount of $1,629,395.
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 $60.0 to $350.0 for Block over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Block options trades today is 1782.25 with a total volume of 42,929.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Block's big money trades within a strike price range of $60.0 to $350.0 over the last 30 days.
Block 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 |
|---|---|---|---|---|---|---|---|---|
| SQ | PUT | TRADE | BEARISH | 06/16/23 | $270.00 | $170.5K | 353 | 16 |
| SQ | PUT | TRADE | BEARISH | 03/11/22 | $95.00 | $150.0K | 572 | 3.1K |
| SQ | PUT | TRADE | BULLISH | 06/17/22 | $110.00 | $148.0K | 2.9K | 106 |
| SQ | PUT | SWEEP | BULLISH | 03/18/22 | $100.00 | $121.8K | 7.0K | 1.9K |
| SQ | PUT | SWEEP | BEARISH | 06/16/23 | $270.00 | $102.3K | 353 | 6 |
Where Is Block Standing Right Now?
- With a volume of 20,577,079, the price of SQ is down -5.68% at $100.47.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 59 days.
What The Experts Say On Block:
- Canaccord Genuity has decided to maintain their Buy rating on Block, which currently sits at a price target of $210.
- Credit Suisse has decided to maintain their Outperform rating on Block, which currently sits at a price target of $190.
- Needham has decided to maintain their Buy rating on Block, which currently sits at a price target of $175.
- Keybanc has decided to maintain their Overweight rating on Block, which currently sits at a price target of $175.
- DA Davidson has decided to maintain their Buy rating on Block, which currently sits at a price target of $175.
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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.
