Spotlight on Nike: Analyzing the Surge in Options Activity

Author: Benzinga Insights | June 20, 2024 01:02pm

Whales with a lot of money to spend have taken a noticeably bearish stance on Nike.

Looking at options history for Nike (NYSE:NKE) we detected 16 trades.

If we consider the specifics of each trade, it is accurate to state that 43% of the investors opened trades with bullish expectations and 56% with bearish.

From the overall spotted trades, 9 are puts, for a total amount of $2,019,392 and 7, calls, for a total amount of $409,019.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $82.5 and $125.0 for Nike, spanning the last three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Nike stands at 2999.88, with a total volume reaching 817.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Nike, situated within the strike price corridor from $82.5 to $125.0, throughout the last 30 days.

Nike 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
NKE	PUT	TRADE	BULLISH	01/16/26	$12.6	$11.15	$11.3	$95.00	$1.6M	1.4K	0
NKE	CALL	TRADE	BEARISH	01/16/26	$17.5	$16.75	$16.8	$95.00	$168.0K	369	0
NKE	PUT	TRADE	BEARISH	01/16/26	$19.95	$19.4	$19.75	$110.00	$79.0K	396	0
NKE	CALL	TRADE	BULLISH	09/20/24	$15.2	$14.95	$15.15	$82.50	$69.6K	289	23
NKE	CALL	TRADE	BEARISH	01/16/26	$6.8	$6.5	$6.5	$125.00	$48.7K	1.0K	0

About Nike

Nike is the largest athletic footwear and apparel brand in the world. Key categories include basketball, running, and football (soccer). Footwear generates about two thirds of its sales. Its brands include Nike, Jordan, and Converse (casual footwear). Nike sells products worldwide through company-owned stores, franchised stores, and third-party retailers. The firm also operates e-commerce platforms in more than 40 countries. Nearly all its production is outsourced to contract manufacturers in more than 30 countries. Nike was founded in 1964 and is based in Beaverton, Oregon.

Nike's Current Market Status

• Trading volume stands at 4,065,495, with NKE's price up by 0.76%, positioned at $95.5.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 7 days.

Professional Analyst Ratings for Nike

In the last month, 5 experts released ratings on this stock with an average target price of $111.8.

• An analyst from Deutsche Bank downgraded its action to Buy with a price target of $115.
• Consistent in their evaluation, an analyst from Truist Securities keeps a Hold rating on Nike with a target price of $99.
• Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Nike, targeting a price of $115.
• An analyst from Morgan Stanley has decided to maintain their Overweight rating on Nike, which currently sits at a price target of $114.
• Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Nike, targeting a price of $116.

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

Posted In: NKE