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What the Options Market Tells Us About GameStop – GameStop (NYSE:GME)

High-rolling investors have positioned themselves bullish on GameStop GME, and it’s important for retail traders to take note.
\This activity came to our attention today through Benzinga’s tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in GME often signals that someone has privileged information.

Today, Benzinga’s options scanner spotted 9 options trades for GameStop. This is not a typical pattern.

The sentiment among these major traders is split, with 44% bullish and 22% bearish. Among all the options we identified, there was one put, amounting to $55,000, and 8 calls, totaling $371,209.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $40.0 for GameStop over the last 3 months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in GameStop’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to GameStop’s substantial trades, within a strike price spectrum from $10.0 to $40.0 over the preceding 30 days.

GameStop 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
GME CALL SWEEP BEARISH 05/17/24 $0.94 $0.9 $0.9 $30.00 $88.9K 31.8K 9.6K
GME PUT TRADE BULLISH 05/24/24 $1.0 $0.25 $0.55 $10.00 $55.0K 78 0
GME CALL SWEEP BULLISH 05/17/24 $0.8 $0.79 $0.79 $30.00 $52.6K 31.8K 7.0K
GME CALL SWEEP NEUTRAL 05/31/24 $2.65 $2.59 $2.6 $15.00 $49.6K 846 79
GME CALL TRADE BULLISH 05/17/24 $2.15 $2.1 $2.15 $15.00 $43.0K 24.4K 2.1K

About GameStop

GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States. GameStop sells new and second-hand video game hardware, physical and digital video game software, and video game accessories, mainly through GameStop, EB Games, and Micromania stores and international e-commerce sites. The majority of sales are from the United States.

In light of the recent options history for GameStop, it’s now appropriate to focus on the company itself. We aim to explore its current performance.

GameStop’s Current Market Status

  • Trading volume stands at 6,970,199, with GME’s price up by 5.49%, positioned at $13.46.
  • RSI indicators show the stock to be may be approaching overbought.
  • Earnings announcement expected in 33 days.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for GameStop with Benzinga Pro for real-time alerts.

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