Smart Money Is Betting Big In PGR Options

Author: Benzinga Insights | September 05, 2024 04:31pm

Financial giants have made a conspicuous bearish move on Progressive. Our analysis of options history for Progressive (NYSE:PGR) revealed 10 unusual trades.

Delving into the details, we found 0% of traders were bullish, while 90% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $240,885, and 6 were calls, valued at $514,532.

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 $200.0 and $300.0 for Progressive, spanning the last three months.

Analyzing Volume & Open Interest

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 Progressive'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 Progressive's whale trades within a strike price range from $200.0 to $300.0 in the last 30 days.

Progressive 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
PGR	CALL	TRADE	BEARISH	01/16/26	$37.0	$36.3	$36.3	$250.00	$214.1K	173	0
PGR	PUT	SWEEP	BEARISH	06/20/25	$20.4	$19.9	$20.37	$250.00	$120.1K	55	60
PGR	CALL	SWEEP	BEARISH	01/16/26	$47.2	$46.5	$46.71	$230.00	$116.5K	76	2
PGR	CALL	SWEEP	BEARISH	01/17/25	$30.1	$28.6	$28.98	$230.00	$71.7K	246	25
PGR	PUT	TRADE	NEUTRAL	11/15/24	$51.3	$47.4	$49.05	$300.00	$49.0K	10	0

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.

Present Market Standing of Progressive

• Currently trading with a volume of 2,309,712, the PGR's price is down by -1.72%, now at $249.54.
• RSI readings suggest the stock is currently may be overbought.
• Anticipated earnings release is in 36 days.

What Analysts Are Saying About Progressive

5 market experts have recently issued ratings for this stock, with a consensus target price of $295.6.

• Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Progressive, targeting a price of $252.
• Maintaining their stance, an analyst from B of A Securities continues to hold a Buy rating for Progressive, targeting a price of $294.
• An analyst from HSBC has elevated its stance to Buy, setting a new price target at $253.
• In a cautious move, an analyst from Barclays downgraded its rating to Equal-Weight, setting a price target of $367.
• An analyst from B of A Securities persists with their Buy rating on Progressive, maintaining a target price of $312.

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

Posted In: PGR