Benzinga | Dec 21, 2021 10:37AM EST

What Are Whales Doing With Shopify

Someone with a lot of money to spend has taken a bullish stance on Shopify (NYSE:SHOP).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with SHOP, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 21 uncommon options trades for Shopify.

This isn't normal.

The overall sentiment of these big-money traders is split between 61% bullish and 38%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $431,193, and 12 are calls, for a total amount of $881,281.

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 $855.0 to $1840.0 for Shopify over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Shopify options trades today is 660.61 with a total volume of 1,153.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Shopify's big money trades within a strike price range of $855.0 to $1840.0 over the last 30 days.

Shopify 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 InterestSHOP CALL SWEEP BULLISH 12/23/ $1300.00 $376.0K 315 111 21SHOP PUT TRADE BULLISH 12/23/ $1380.00 $133.4K 76 44 21SHOP CALL SWEEP NEUTRAL 12/23/ $1270.00 $126.6K 8 40 21SHOP CALL TRADE BULLISH 01/07/ $1290.00 $68.0K 26 8 22SHOP PUT TRADE BULLISH 09/16/ $1840.00 $57.6K 6 1 22

Where Is Shopify Standing Right Now?

* With a volume of 239,141, the price of SHOP is up 3.12% at $1322.22.

* RSI indicators hint that the underlying stock may be approaching oversold.

* Next earnings are expected to be released in 57 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.