A Closer Look at Shopify's Options Market Dynamics
Portfolio Pulse from Benzinga Insights
Benzinga's options scanner detected 23 unusual options trades for Shopify (NYSE:SHOP), indicating a predominantly bullish sentiment among big-money investors, with 69% bullish and 30% bearish. The trades suggest a target price range of $35.0 to $81.0 for the next three months. The volume and open interest for these options trades are also notably high. Currently, SHOP's stock price is down by -1.82%, with a neutral RSI and the next earnings report due in 42 days.
January 03, 2024 | 4:01 pm
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Unusual options activity detected for Shopify with a bullish sentiment. Target price range set at $35-$81 for the next three months, with current stock price down by -1.82%.
The detected options activity suggests that investors with significant capital are expecting a positive movement in Shopify's stock price, targeting a range significantly higher than the current price. The bullish sentiment, combined with the high total trade price of calls, indicates a potential increase in SHOP's stock price in the short term. However, the current downtrend in the stock price and the neutral RSI temper the immediate impact, suggesting a cautious optimism.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100