Shopify Unusual Options Activity For May 03
Portfolio Pulse from Benzinga Insights
Shopify (NYSE:SHOP) has seen significant options trading activity, with a bullish sentiment from financial giants. Analysis of 34 unusual trades shows 61% bullish and 11% bearish tendencies. The trades include 8 puts and 26 calls, with calls valued at $1,173,819. Whales target a price range of $50.0 to $90.0 for Shopify. The largest options trades indicate mixed sentiments, with both bearish and bullish calls for future dates. Shopify's stock is up 2.85% at $74.05, with an RSI indicating it may be approaching overbought territory. Next earnings are expected in 5 days.
May 03, 2024 | 5:46 pm
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Shopify has experienced bullish options trading, with a significant volume of calls over puts. The stock is currently up, but RSI indicators suggest it may be nearing overbought territory. Earnings are expected soon, which could influence stock price.
The bullish options activity, especially the high volume of calls, suggests investor confidence in Shopify's short-term price increase. However, the RSI nearing overbought territory could temper gains. The upcoming earnings report is a critical event that could significantly impact the stock's price direction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100