Check Out What Whales Are Doing With BAC
Portfolio Pulse from Benzinga Insights
A large investor has taken a bearish stance on Bank of America (NYSE:BAC), as indicated by unusual options activity. The overall sentiment of these big-money traders is split between 38% bullish and 61% bearish. The whales have been targeting a price range from $25.0 to $32.0 for Bank of America over the last 3 months. RBC Capital downgraded its action to Outperform with a price target of $35, while Morgan Stanley and Citigroup maintained their ratings with price targets of $33 and $31 respectively.
July 12, 2023 | 2:50 pm
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Unusual options activity indicates a bearish stance on Bank of America. The sentiment of big-money traders is more bearish than bullish. Analysts have mixed ratings and price targets.
The bearish stance taken by a large investor, as indicated by the unusual options activity, could potentially drive the stock price down in the short term. The sentiment of big-money traders being more bearish than bullish also supports this. However, the mixed ratings and price targets from analysts add some uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100