High-rolling investors have positioned themselves bearish on Riot Platforms (NASDAQ:RIOT), and it's important for retail traders to take note.\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in RIOT often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for Riot Platforms. This is not a typical pattern.
The sentiment among these major traders is split, with 33% bullish and 55% bearish. Among all the options we identified, there was one put, amounting to $36,000, and 8 calls, totaling $260,725.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $20.0 for Riot Platforms over the last 3 months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Riot Platforms's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Riot Platforms's significant trades, within a strike price range of $10.0 to $20.0, over the past month.
Riot Platforms 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RIOT | CALL | TRADE | BEARISH | 07/19/24 | $1.69 | $1.62 | $1.62 | $11.00 | $39.6K | 18.2K | 633 |
| RIOT | CALL | TRADE | BEARISH | 01/17/25 | $1.9 | $1.86 | $1.86 | $20.00 | $37.2K | 25.7K | 647 |
| RIOT | PUT | SWEEP | BULLISH | 08/16/24 | $0.36 | $0.18 | $0.36 | $10.00 | $36.0K | 2.1K | 54 |
| RIOT | CALL | SWEEP | BEARISH | 09/20/24 | $3.2 | $3.1 | $3.1 | $10.00 | $34.1K | 8.3K | 150 |
| RIOT | CALL | TRADE | BULLISH | 01/16/26 | $4.85 | $4.25 | $4.71 | $20.00 | $32.9K | 5.0K | 31 |
About Riot Platforms
Riot Platforms Inc is a vertically integrated Bitcoin mining company focused on building, supporting, and operating blockchain technologies. The company's segments include Bitcoin Mining; Data Center Hosting and Engineering. It generates maximum revenue from the Bitcoin Mining segment which generates revenue from the Bitcoin the company earns through its mining activities.
After a thorough review of the options trading surrounding Riot Platforms, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Riot Platforms's Current Market Status
- Currently trading with a volume of 19,359,209, the RIOT's price is down by -5.59%, now at $11.99.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 21 days.
What The Experts Say On Riot Platforms
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $23.0.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $23.
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 Riot Platforms with Benzinga Pro for real-time alerts.