Benzinga | Jan 11, 2022 12:07PM EST

Bank of America Whale Trades For January 11

Someone with a lot of money to spend has taken a bearish stance on Bank of America (NYSE:BAC).

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 BAC, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 15 options trades for Bank of America.

This isn't normal.

The overall sentiment of these big-money traders is split between 26% bullish and 73%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $28,509, and 14, calls, for a total amount of $849,757..

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 $30.0 to $55.0 for Bank of America over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Bank of America's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Bank of America's whale trades within a strike price range from $30.0 to $55.0 in the last 30 days.

Bank of America 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 InterestBAC CALL SWEEP BULLISH 01/20/ $40.00 $134.9K 42.1K 305 23BAC CALL SWEEP BEARISH 01/20/ $45.00 $119.2K 84.6K 160 23BAC CALL SWEEP NEUTRAL 06/17/ $55.00 $96.5K 19.9K 4.1K 22BAC CALL SWEEP BEARISH 06/17/ $55.00 $88.9K 19.9K 2.2K 22BAC CALL SWEEP BEARISH 10/21/ $50.00 $52.5K 1.4K 191 22

Where Is Bank of America Standing Right Now?

* With a volume of 16,913,337, the price of BAC is up 0.03% at $48.94.

* RSI indicators hint that the underlying stock may be overbought.

* Next earnings are expected to be released in 8 days.

What The Experts Say On Bank of America:

* Barclays has decided to maintain their Overweight rating on Bank of America, which currently sits at a price target of $58.

* JP Morgan has decided to maintain their Overweight rating on Bank of America, which currently sits at a price target of $52.

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.