Looking At Alphabet's Recent Unusual Options Activity

Author: Benzinga Insights | May 31, 2023 10:01am

Someone with a lot of money to spend has taken a bullish stance on Alphabet (NASDAQ:GOOGL).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with GOOGL, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Alphabet.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $762,041, and 6 are calls, for a total amount of $262,517.

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 $45.0 to $125.0 for Alphabet over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Alphabet'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 Alphabet's whale activity within a strike price range from $45.0 to $125.0 in the last 30 days.

Alphabet Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Strike Price	Total Trade Price	Open Interest	Volume
GOOGL	PUT	TRADE	BULLISH	06/09/23	$125.00	$612.0K	893	1.8K
GOOGL	PUT	SWEEP	NEUTRAL	08/18/23	$125.00	$85.6K	1.9K	168
GOOGL	CALL	TRADE	BEARISH	12/20/24	$45.00	$83.0K	100	0
GOOGL	CALL	SWEEP	NEUTRAL	06/16/23	$120.00	$45.0K	29.8K	23
GOOGL	CALL	SWEEP	BULLISH	06/30/23	$121.00	$42.7K	185	75

Where Is Alphabet Standing Right Now?

With a volume of 2,163,122, the price of GOOGL is down -0.3% at $123.3.
RSI indicators hint that the underlying stock may be overbought.
Next earnings are expected to be released in 55 days.

What The Experts Say On Alphabet:

Loop Capital downgraded its action to Hold with a price target of $125
JMP Securities downgraded its action to Market Outperform with a price target of $132
JMP Securities has decided to maintain their Market Outperform rating on Alphabet, which currently sits at a price target of $132.
Jefferies has decided to maintain their Buy rating on Alphabet, which currently sits at a price target of $150.

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

Posted In: GOOGL