A Closer Look at ServiceNow's Options Market Dynamics
Portfolio Pulse from Benzinga Insights
ServiceNow (NYSE:NOW) has seen a notable bearish sentiment in its options market, with 60% of traders leaning bearish and 40% bullish. The trading activity suggests a price target range of $530 to $820. Significant trades include both calls and puts, with a focus on strike prices within this range. The company, known for its SaaS solutions for business process automation, has a current stock price of $770, up 0.25%, and is positioned neutrally according to its RSI values. The next earnings report is expected in 47 days.
March 08, 2024 | 5:45 pm
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NEGATIVE IMPACT
ServiceNow's options market shows a bearish trend with 60% traders betting against it, despite a slight increase in stock price to $770. The price target range is $530-$820, indicating volatility. The next earnings report is awaited in 47 days.
The bearish sentiment in the options market, with 60% of traders showing bearish tendencies, suggests a potential short-term downside for ServiceNow's stock. The wide price target range indicates market uncertainty and volatility, which could lead to short-term price fluctuations. The upcoming earnings report could be a critical event that either confirms the bearish sentiment or reverses the trend based on the company's performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100