What the Options Market Tells Us About Riot Platforms

Author: Benzinga Insights | May 23, 2024 03:46pm

High-rolling investors have positioned themselves bearish on Riot Platforms (NASDAQ:RIOT), 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 RIOT often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 9 options trades for Riot Platforms. This is not a typical pattern.

The sentiment among these major traders is split, with 33% bullish and 55% bearish. Among all the options we identified, there was one put, amounting to $46,800, and 8 calls, totaling $336,190.

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 $1.5 and $20.0 for Riot Platforms, spanning the last three months.

Volume & Open Interest Trends

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 Riot Platforms'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 Riot Platforms's whale trades within a strike price range from $1.5 to $20.0 in the last 30 days.

Riot Platforms 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
RIOT	CALL	SWEEP	BEARISH	09/20/24	$1.98	$1.95	$1.95	$11.00	$117.1K	3.3K	1.2K
RIOT	PUT	SWEEP	BULLISH	06/21/24	$10.7	$9.65	$9.75	$20.00	$46.8K	570	52
RIOT	CALL	SWEEP	BEARISH	07/19/24	$1.97	$1.93	$1.93	$9.00	$38.6K	392	218
RIOT	CALL	SWEEP	BEARISH	05/31/24	$0.37	$0.35	$0.35	$10.50	$35.0K	1.9K	3.8K
RIOT	CALL	TRADE	BEARISH	09/20/24	$1.16	$1.15	$1.15	$15.00	$34.5K	10.6K	378

About Riot Platforms

Riot Platforms Inc is a vertically integrated Bitcoin mining company focused on building, supporting, and operating blockchain technologies. The company's segments include Bitcoin Mining; Data Center Hosting and Engineering. It generates maximum revenue from the Bitcoin Mining segment which generates revenue from the Bitcoin the company earns through its mining activities.

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

Where Is Riot Platforms Standing Right Now?

• With a trading volume of 15,227,126, the price of RIOT is down by -7.41%, reaching $9.99.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 76 days from now.

Expert Opinions on Riot Platforms

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $15.666666666666666.

• Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Riot Platforms with a target price of $15.
• An analyst from B. Riley Securities has decided to maintain their Buy rating on Riot Platforms, which currently sits at a price target of $15.
• Consistent in their evaluation, an analyst from HC Wainwright & Co. keeps a Buy rating on Riot Platforms with a target price of $17.

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

Posted In: RIOT