Progressive has caught the eye of deep-pocketed investors adopting a bullish stance, signaling a seismic market move in the making. Unveiled today by Benzinga’s option scanner, this surge in options activity demands attention. While the identity of these investors remains a mystery, their notable maneuvers in PGR point towards significant impending developments.
A remarkable 11 instances of unusual options activity were flagged for Progressive today, surpassing the usual run-of-the-mill market fluctuations.
Among these seasoned investors, sentiment is split, with 54% appearing bullish and 45% leaning bearish. Noteworthy options activities include 2 puts valued at $123,040 and 9 calls equating to $2,152,975.
Forecasting Price Swings
The confluence of Volume and Open Interest on these contracts indicates that whales are honing in on a price spectrum between $195.0 and $310.0 for Progressive over the past three months.
Delving into Volume & Open Interest Trends
In today’s trading domain, the average open interest for Progressive’s options stands at 1024.83, with a total volume hitting 3,670.00. A detailed chart illustrates the evolution of both call and put option volumes and open interests for substantial trades in Progressive, positioned within the $195.0 to $310.0 strike price band over the past month.
Recent Options Activity in Progressive: Last 30 Days
Standout Options Moves:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PGR | CALL | SWEEP | BULLISH | 08/16/24 | $9.5 | $9.4 | $9.5 | $220.00 | $947.1K | 1.9K | 1.0K |
Insights into Progressive
Dabbling in both private and commercial auto insurance along with specialty lines, Progressive boasts around 18 million personal auto policies, securing its position as a major player in the U.S. auto insurance landscape. Marketing its policies through various channels, Progressive entered homeowners insurance following an acquisition in 2015.
Armed with the latest chronicles of Progressive’s options escapades, it’s prudent to zoom in on the company’s operational undercurrents.
Progressive’s Current Status
- With a trading volume of 2,503,601, PGR is presently down by -0.73%, lingering at $209.24.
- RSI indicators hint at possible overbought conditions for the stock.
- Earnings announcement is slated in 11 days.
Analyst Evaluation of Progressive
Five market mavens have recently weighed in on Progressive, culminating in a consensus target price of $219.8.
- Keefe, Bruyette & Woods’ analyst maintains a Market Perform rating with a $190 target price.
Options hold a higher risk quotient relative to stock trading but offer lofty profit prospects. Astute options traders navigate this risk through relentless education, strategic trade entries and exits, multi-indicator monitoring, and vigilant market tracking.
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