Benzinga | Jan 31, 2022 01:31PM EST

This Is What Whales Are Betting On Riot Blockchain

Someone with a lot of money to spend has taken a bullish stance on Riot Blockchain (NASDAQ:RIOT).

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 RIOT, 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 16 uncommon options trades for Riot Blockchain.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $238,390, and 12 are calls, for a total amount of $823,710.

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 $13.0 to $25.0 for Riot Blockchain 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 Riot Blockchain'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 Riot Blockchain's whale trades within a strike price range from $13.0 to $25.0 in the last 30 days.

Riot Blockchain 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 InterestRIOT PUT TRADE NEUTRAL 01/20/ $25.00 $134.4K 2.3K 96 23RIOT CALL TRADE BEARISH 01/20/ $20.00 $105.4K 3.1K 1.2K 23RIOT CALL TRADE BULLISH 01/20/ $20.00 $104.0K 3.1K 1.8K 23RIOT CALL SWEEP BEARISH 09/16/ $16.00 $102.0K 26 411 22RIOT CALL SWEEP BULLISH 01/20/ $20.00 $101.3K 3.1K 868 23

Where Is Riot Blockchain Standing Right Now?

* With a volume of 6,526,856, the price of RIOT is up 7.01% at $15.73.

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

* Next earnings are expected to be released in 58 days.

What The Experts Say On Riot Blockchain:

* Cantor Fitzgerald downgraded its action to Overweight with a price target of $45

* Northland Capital Markets downgraded its action to Outperform with a price target of $30

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.