Shopify Unusual Options Activity For July 31
Portfolio Pulse from Benzinga Insights
A significant amount of unusual options activity has been detected for Shopify (NYSE:SHOP), with 68% of investors opening trades with bullish expectations and 31% with bearish. Whales have been targeting a price range from $12.5 to $90.0 for Shopify over the last 3 months. The price of SHOP is currently up 1.82% at $67.24. Analysts from Evercore ISI Group and Morgan Stanley have downgraded their ratings to In-Line and Equal-Weight respectively, while Credit Suisse and Roth MKM have maintained their Neutral and Buy ratings.
July 31, 2023 | 6:46 pm
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NEUTRAL IMPACT
Shopify has seen unusual options activity, with a majority being bullish. The stock price is currently up, but analyst ratings are mixed. This could lead to volatility in the short term.
The unusual options activity indicates that investors are taking significant positions in Shopify, which could lead to increased volatility. The mixed analyst ratings further add to this uncertainty, making it difficult to predict the short term price direction.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100