This Is What Whales Are Betting On Bank of America
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a predominantly bearish stance on Bank of America (NYSE:BAC), as revealed by Benzinga's tracking of public options records. A significant level of activity was observed with 24 extraordinary options activities, where 79% of the sentiment is bearish. The options trades suggest a price target range of $28.0 to $40.0 for BAC over the next three months. Currently, BAC's stock is up by 0.68% at $35.65, with an anticipated earnings release in 29 days. Analysts, including one from Piper Sandler with an Underweight rating, have set an average target price of $33.0 for BAC.
March 18, 2024 | 6:00 pm
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NEGATIVE IMPACT
Investors exhibit a bearish outlook on BAC through options trading, with a price target range of $28-$40. The stock is currently at $35.65, with an analyst average target of $33 and an upcoming earnings release.
The bearish sentiment among deep-pocketed investors, as indicated by the significant options activity and the current analyst ratings, suggests a potential downward pressure on BAC's stock price in the short term. The upcoming earnings release adds to the uncertainty, influencing the stock's short-term performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100