Investors with a lot of money to spend have taken a bearish stance on Citigroup (NYSE:C).
And retail traders should know.
We noticed this today when the positions 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 C, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 24 options trades for Citigroup.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $29,250, and 23, calls, for a total amount of $1,129,536.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $57.5 and $65.0 for Citigroup, spanning the last three months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Citigroup's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Citigroup's significant trades, within a strike price range of $57.5 to $65.0, over the past month.
Citigroup Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| C | CALL | TRADE | NEUTRAL | 09/20/24 | $3.55 | $3.45 | $3.5 | $62.50 | $133.0K | 10.4K | 178 |
| C | CALL | SWEEP | BULLISH | 01/16/26 | $10.5 | $9.55 | $10.5 | $60.00 | $84.0K | 13.6K | 23 |
| C | CALL | TRADE | BEARISH | 09/20/24 | $2.66 | $2.65 | $2.65 | $65.00 | $79.5K | 10.7K | 1.8K |
| C | CALL | SWEEP | BULLISH | 09/20/24 | $3.55 | $3.45 | $3.5 | $62.50 | $76.3K | 10.4K | 678 |
| C | CALL | TRADE | BEARISH | 08/16/24 | $5.2 | $4.9 | $5.0 | $60.00 | $68.0K | 4.8K | 21 |
About Citigroup
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
Where Is Citigroup Standing Right Now?
- Trading volume stands at 2,434,471, with C's price up by 0.39%, positioned at $63.71.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 11 days.
Professional Analyst Ratings for Citigroup
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $66.5.
- An analyst from Keefe, Bruyette & Woods persists with their Market Perform rating on Citigroup, maintaining a target price of $69.
- An analyst from Morgan Stanley persists with their Overweight rating on Citigroup, maintaining a target price of $65.
- An analyst from RBC Capital downgraded its action to Outperform with a price target of $66.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Citigroup with a target price of $66.
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 Citigroup with Benzinga Pro for real-time alerts.