Decoding Shopify's Options Activity: What's the Big Picture?

Author: Benzinga Insights | June 12, 2024 03:01pm

Whales with a lot of money to spend have taken a noticeably bullish stance on Shopify.

Looking at options history for Shopify (NYSE:SHOP) we detected 31 trades.

If we consider the specifics of each trade, it is accurate to state that 54% of the investors opened trades with bullish expectations and 32% with bearish.

From the overall spotted trades, 4 are puts, for a total amount of $109,560 and 27, calls, for a total amount of $1,889,112.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $25.0 to $80.0 for Shopify 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 Shopify'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 Shopify's whale trades within a strike price range from $25.0 to $80.0 in the last 30 days.

Shopify Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
SHOP	CALL	SWEEP	NEUTRAL	01/17/25	$27.0	$26.85	$26.85	$40.00	$402.7K	3.8K	0
SHOP	CALL	SWEEP	BEARISH	09/20/24	$6.4	$6.35	$6.35	$65.00	$127.0K	4.8K	34
SHOP	CALL	SWEEP	BULLISH	09/20/24	$6.3	$6.15	$6.3	$65.00	$126.0K	4.8K	236
SHOP	CALL	SWEEP	BEARISH	09/20/24	$6.25	$6.15	$6.15	$65.00	$123.0K	4.8K	1.1K
SHOP	CALL	SWEEP	BEARISH	09/20/24	$6.25	$6.1	$6.1	$65.00	$122.0K	4.8K	1.7K

About Shopify

Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Having examined the options trading patterns of Shopify, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Shopify Standing Right Now?

• Trading volume stands at 10,153,674, with SHOP's price up by 3.04%, positioned at $65.76.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 49 days.

Professional Analyst Ratings for Shopify

A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $71.75.

• In a positive move, an analyst from Goldman Sachs has upgraded their rating to Buy and adjusted the price target to $74.
• An analyst from JP Morgan downgraded its action to Overweight with a price target of $74.
• Consistent in their evaluation, an analyst from Goldman Sachs keeps a Buy rating on Shopify with a target price of $74.
• In a cautious move, an analyst from MoffettNathanson downgraded its rating to Neutral, setting a price target of $65.

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 Shopify, Benzinga Pro gives you real-time options trades alerts.

Posted In: SHOP