Whales with a lot of money to spend have taken a noticeably bearish stance on Block.
Looking at options history for Block (NYSE:SQ) we detected 31 trades.
If we consider the specifics of each trade, it is accurate to state that 38% of the investors opened trades with bullish expectations and 58% with bearish.
From the overall spotted trades, 12 are puts, for a total amount of $447,857 and 19, calls, for a total amount of $799,782.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $120.0 for Block during the past quarter.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Block options trades today is 2229.52 with a total volume of 8,058.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Block's big money trades within a strike price range of $40.0 to $120.0 over the last 30 days.
Block 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SQ | CALL | SWEEP | BULLISH | 08/16/24 | $5.0 | $4.9 | $5.0 | $75.00 | $100.0K | 32 | 441 |
| SQ | CALL | SWEEP | BULLISH | 08/16/24 | $5.0 | $4.9 | $5.0 | $75.00 | $100.0K | 32 | 217 |
| SQ | PUT | TRADE | BEARISH | 07/19/24 | $4.85 | $4.8 | $4.85 | $72.50 | $59.1K | 1.8K | 141 |
| SQ | CALL | TRADE | BEARISH | 07/19/24 | $5.3 | $5.2 | $5.21 | $70.00 | $52.1K | 4.7K | 387 |
| SQ | CALL | SWEEP | BEARISH | 05/31/24 | $0.36 | $0.32 | $0.33 | $77.00 | $49.5K | 2.1K | 785 |
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.
Current Position of Block
- With a trading volume of 9,120,947, the price of SQ is down by -2.81%, reaching $71.47.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 72 days from now.
What The Experts Say On Block
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $96.4.
- An analyst from Needham persists with their Buy rating on Block, maintaining a target price of $105.
- In a cautious move, an analyst from Wedbush downgraded its rating to Outperform, setting a price target of $90.
- Maintaining their stance, an analyst from Canaccord Genuity continues to hold a Buy rating for Block, targeting a price of $95.
- An analyst from TD Cowen has decided to maintain their Buy rating on Block, which currently sits at a price target of $92.
- Maintaining their stance, an analyst from Baird continues to hold a Outperform rating for Block, targeting a price of $100.
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