Investors with a lot of money to spend have taken a bullish stance on Block (NYSE:SQ).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SQ, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 8 uncommon options trades for Block.
This isn't normal.
The overall sentiment of these big-money traders is split between 62% bullish and 25%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $94,495, and 5 are calls, for a total amount of $297,483.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $45.0 to $72.5 for Block during the past quarter.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Block's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Block's substantial trades, within a strike price spectrum from $45.0 to $72.5 over the preceding 30 days.
Block 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SQ | CALL | TRADE | BEARISH | 06/21/24 | $17.7 | $16.8 | $16.8 | $45.00 | $100.8K | 1.0K | 0 |
| SQ | CALL | SWEEP | BULLISH | 09/20/24 | $8.95 | $8.85 | $8.95 | $57.50 | $77.8K | 370 | 39 |
| SQ | CALL | SWEEP | BULLISH | 12/20/24 | $10.6 | $10.5 | $10.5 | $60.00 | $65.1K | 381 | 0 |
| SQ | PUT | TRADE | BULLISH | 07/19/24 | $1.84 | $1.82 | $1.82 | $60.00 | $36.4K | 3.9K | 19 |
| SQ | PUT | SWEEP | BULLISH | 06/21/24 | $0.82 | $0.74 | $0.74 | $62.50 | $31.4K | 2.6K | 29 |
About Block
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.
Following our analysis of the options activities associated with Block, we pivot to a closer look at the company's own performance.
Block's Current Market Status
- With a volume of 1,246,170, the price of SQ is up 0.65% at $62.3.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 42 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Block with Benzinga Pro for real-time alerts.