Benzinga | Jan 10, 2022 04:33PM EST

This Is What Whales Are Betting On Bed Bath & Beyond

Someone with a lot of money to spend has taken a bearish stance on Bed Bath & Beyond (NASDAQ:BBBY).

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 BBBY, 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 15 uncommon options trades for Bed Bath & Beyond.

This isn't normal.

The overall sentiment of these big-money traders is split between 26% bullish and 73%, bearish.

Out of all of the special options we uncovered, 11 are puts, for a total amount of $534,705, and 4 are calls, for a total amount of $606,806.

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 $12.0 to $30.0 for Bed Bath & Beyond over the last 3 months.

Volume & Open Interest Development

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 Bed Bath & Beyond'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 Bed Bath & Beyond's whale trades within a strike price range from $12.0 to $30.0 in the last 30 days.

Bed Bath & Beyond Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestBBBY CALL TRADE BEARISH 01/20/ $12.00 $499.5K 217 1.0K 23BBBY PUT SWEEP BEARISH 02/18/ $13.00 $85.0K 1.0K 3.4K 22BBBY PUT SWEEP BEARISH 02/18/ $13.00 $66.0K 1.0K 5.1K 22BBBY PUT SWEEP BEARISH 02/18/ $13.00 $64.7K 1.0K 2.2K 22BBBY PUT SWEEP BEARISH 02/18/ $13.00 $58.5K 1.0K 4.2K 22

Where Is Bed Bath & Beyond Standing Right Now?

* With a volume of 8,999,596, the price of BBBY is down -5.72% at $13.01.

* RSI indicators hint that the underlying stock may be approaching oversold.

* Next earnings are expected to be released in 93 days.

What The Experts Say On Bed Bath & Beyond:

* Keybanc has decided to maintain their Underweight rating on Bed Bath & Beyond, which currently sits at a price target of $11.

* Goldman Sachs has decided to maintain their Sell rating on Bed Bath & Beyond, which currently sits at a price target of $15.

* Telsey Advisory Group has decided to maintain their Market Perform rating on Bed Bath & Beyond, which currently sits at a price target of $15.

* UBS has decided to maintain their Sell rating on Bed Bath & Beyond, which currently sits at a price target of $13.

* Keybanc has decided to maintain their Underweight rating on Bed Bath & Beyond, which currently sits at a price target of $10.

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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.