Unpacking the Latest Options Trading Trends in Progressive

Author: Benzinga Insights | July 10, 2024 01:32pm

Deep-pocketed investors have adopted a bullish approach towards Progressive (NYSE:PGR), 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 PGR usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Progressive. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 66% leaning bullish and 11% bearish. Among these notable options, 4 are puts, totaling $520,114, and 5 are calls, amounting to $318,380.

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 $195.0 to $230.0 for Progressive over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Progressive options trades today is 866.5 with a total volume of 2,412.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Progressive's big money trades within a strike price range of $195.0 to $230.0 over the last 30 days.

Progressive Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
PGR	PUT	SWEEP	BULLISH	07/19/24	$1.35	$1.1	$1.14	$195.00	$319.2K	813	7
PGR	PUT	SWEEP	BULLISH	07/19/24	$3.7	$3.6	$3.6	$205.00	$108.0K	1.0K	0
PGR	CALL	TRADE	NEUTRAL	07/19/24	$4.1	$3.9	$4.0	$215.00	$80.0K	1.0K	696
PGR	CALL	TRADE	NEUTRAL	07/19/24	$4.1	$3.9	$4.0	$215.00	$80.0K	1.0K	289
PGR	CALL	TRADE	BULLISH	07/19/24	$4.2	$4.0	$4.2	$215.00	$63.0K	1.0K	489

About Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

After a thorough review of the options trading surrounding Progressive, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Progressive's Current Market Status

• With a trading volume of 792,109, the price of PGR is up by 0.24%, reaching $209.99.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 6 days from now.

Professional Analyst Ratings for Progressive

In the last month, 4 experts released ratings on this stock with an average target price of $239.0.

• Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Progressive with a target price of $254.
• An analyst from Citigroup has decided to maintain their Neutral rating on Progressive, which currently sits at a price target of $232.
• An analyst from BMO Capital has decided to maintain their Outperform rating on Progressive, which currently sits at a price target of $235.
• An analyst from Roth MKM persists with their Buy rating on Progressive, maintaining a target price of $235.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Progressive options trades with real-time alerts from Benzinga Pro.

Posted In: PGR