Smart Money Is Betting Big In ROOT Options

Author: Benzinga Insights | May 02, 2024 03:47pm

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

Looking at options history for Root (NASDAQ:ROOT) we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 44% with bearish.

From the overall spotted trades, 3 are puts, for a total amount of $148,890 and 6, calls, for a total amount of $734,330.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $50.0 and $80.0 for Root, spanning the last three months.

Insights into 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 Root'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 Root's whale trades within a strike price range from $50.0 to $80.0 in the last 30 days.

Root Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
ROOT	CALL	TRADE	BEARISH	06/21/24	$6.2	$5.7	$5.7	$75.00	$454.2K	67	4
ROOT	CALL	SWEEP	BULLISH	05/17/24	$6.1	$4.8	$6.1	$60.00	$147.8K	534	64
ROOT	PUT	SWEEP	BEARISH	06/21/24	$6.6	$6.5	$6.6	$50.00	$64.6K	104	122
ROOT	PUT	SWEEP	BULLISH	05/17/24	$9.1	$8.7	$8.7	$60.00	$50.4K	455	213
ROOT	CALL	SWEEP	BEARISH	05/17/24	$3.8	$3.7	$3.7	$60.00	$37.0K	534	731

About Root

Root Inc develops and launches a direct-to-consumer personal automobile insurance and mobile technology company. The company is a direct-to-consumer personal auto insurance, renters insurance and mobile technology company. It generates revenue from the sale of auto insurance policies within the United States.

Having examined the options trading patterns of Root, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Root Standing Right Now?

• Currently trading with a volume of 1,404,701, the ROOT's price is down by -18.88%, now at $56.71.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 90 days.

What The Experts Say On Root

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $63.4.

• Consistent in their evaluation, an analyst from Wells Fargo keeps a Equal-Weight rating on Root with a target price of $78.
• An analyst from JMP Securities persists with their Market Outperform rating on Root, maintaining a target price of $90.
• Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Root, targeting a price of $64.
• Reflecting concerns, an analyst from JMP Securities lowers its rating to Market Outperform with a new price target of $15.
• An analyst from Keefe, Bruyette & Woods has revised its rating downward to Outperform, adjusting the price target to $70.

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 Root options trades with real-time alerts from Benzinga Pro.

Posted In: ROOT