Deep-pocketed investors have adopted a bearish approach towards Bank of America (NYSE:BAC), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BAC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 46 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 52% bearish. Among these notable options, 10 are puts, totaling $871,971, and 36 are calls, amounting to $2,895,102.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $20.0 to $47.0 for Bank of America over the recent three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Bank of America's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Bank of America's significant trades, within a strike price range of $20.0 to $47.0, over the past month.
Bank of America Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
About Bank of America
Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily U.S.-focused.
After a thorough review of the options trading surrounding Bank of America, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Bank of America
- Currently trading with a volume of 19,551,301, the BAC's price is up by 0.76%, now at $35.9.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 39 days.
Professional Analyst Ratings for Bank of America
In the last month, 1 experts released ratings on this stock with an average target price of $33.0.
- An analyst from Piper Sandler has decided to maintain their Underweight rating on Bank of America, which currently sits at a price target of $33.
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 want to stay updated on the latest options trades for Bank of America, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
