Benzinga | Dec 3, 2021 12:01PM EST

Looking At Canopy Growth's Recent Whale Trades

A whale with a lot of money to spend has taken a noticeably bearish stance on Canopy Growth.

Looking at options history for Canopy Growth (NASDAQ:CGC) we detected 11 strange trades.

If we consider the specifics of each trade, it is accurate to state that 9.09% of the investors opened trades with bullish expectations and 90.91% with bearish.

From the overall spotted trades, 8 are puts, for a total amount of $375,397.00 and 3, calls, for a total amount of $155,112.00.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.5 to $60.0 for Canopy Growth over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Canopy Growth options trades today is 810.5 with a total volume of 2,839.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Canopy Growth's big money trades within a strike price range of $7.5 to $60.0 over the last 30 days.

Canopy Growth Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestCGC PUT TRADE BEARISH 01/21/ $35.00 $124.5K 678 0 22CGC CALL SWEEP NEUTRAL 12/10/ $10.00 $84.5K 162 1.9K 21CGC PUT SWEEP BEARISH 01/20/ $60.00 $50.3K 68 10 23CGC PUT TRADE BULLISH 01/21/ $57.50 $47.5K 56 10 22CGC CALL SWEEP BEARISH 04/14/ $10.00 $40.8K 1.4K 233 22

Where Is Canopy Growth Standing Right Now?

* With a volume of 3,501,384.00, the price of CGC is down -3.57% at $9.99.

* RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

* Next earnings are expected to be released in 82 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.