Deep-pocketed investors are making bold moves on Progressive (PGR) – and the market is buzzing with activity. A recent perusal of public options records by Benzinga has brought to light this intriguing development. While the identities of these investors remain shrouded in mystery, such a bullish surge in PGR often signals significant impending moves.
Our investigations today revealed 11 extraordinary options activities for Progressive shining brightly on Benzinga’s options scanner. This level of engagement is certainly raising eyebrows in the financial spheres.
Among these high-profile investors, sentiments are divided, with 54% leaning towards a bullish outlook and 45% holding bearish inclinations. Within these remarkable options, 2 put contracts amount to $123,040, while 9 call contracts total a substantial $2,152,975.
Forecasted Price Fluctuations
Analyzing the Volume and Open Interest across these contracts, it’s evident that big players are eyeing a price range of $195.0 to $310.0 for Progressive over the past 3 months.
Insightful Analysis of Volume & Open Interest
In today’s trading landscape, the average open interest for Progressive’s options stands at 1024.83, with a total volume reaching 3,670.00. A detailed chart showcases the evolution of call and put option volume and open interest for high-value trades in Progressive, nestled within the strike price range from $195.0 to $310.0, over the past 30 days.
Retrospective Examination of Progressive’s Option Activity in the Last 30 Days
Standout Options Activity:
| 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 |
| PGR | CALL | TRADE | BEARISH | 01/17/25 | $17.8 | $17.2 | $17.3 | $220.00 | $432.5K | 2.7K | 440 |
| PGR | CALL | SWEEP | BULLISH | 01/17/25 | $17.7 | $17.2 | $17.3 | $220.00 | $320.0K | 2.7K | 190 |
| PGR | CALL | SWEEP | BULLISH | 08/16/24 | $9.8 | $9.4 | $9.6 | $220.00 | $289.9K | 1.9K | 1.3K |
| PGR | PUT | SWEEP | BEARISH | 05/17/24 | $6.7 | $6.4 | $6.5 | $210.00 | $66.9K | 545 | 140 |
Insight into Progressive
Progressive is a heavyweight in underwriting private and commercial auto insurance besides offering specialty lines. With approximately 18 million personal auto policies in force, it proudly holds a top position among auto insurers in the U.S. Progressive’s policy marketing encompasses both independent insurance agencies in the U.S. and Canada and direct online and telephonic sales. Its premium distribution is almost evenly split between the agent and direct channels. Additionally, the company delves into commercial auto policies and ventured into homeowners insurance through an acquisition back in 2015.
Given the recent surge in options activities surrounding Progressive, it becomes imperative to delve deeper into the company’s own performance as well.
Present Status of Progressive
- With a trading volume of 2,503,601, PGR’s price has dipped by -0.73% to settle at $209.24.
- RSI readings hint at a potential overbought market scenario.
- Earnings release is anticipated in just 11 days.
Professional Analyst Views on Progressive
Recent assessments by 5 market experts yield a consensus target price of $219.8 for this stock.
- A Market Perform rating with a target price of $190 is maintained by an analyst from Keefe, Bruyette & Woods.
- Staying neutral, an analyst from Citigroup continues with a Neutral rating and a target price of $202 for Progressive.
- Carrying an optimistic tone, an analyst from Morgan Stanley upgrades the rating to Overweight with a revised target price of $227.
- A Buy rating is firmly upheld by an analyst from B of A Securities, keeping a target price of $264.
- Another Neutral stance is taken by an analyst from Goldman Sachs, who maintains a target price of $216.
Options trading is not for the faint of heart, providing higher profit potential but with amplified risks. Seasoned options traders mitigate these risks by staying informed, strategically entering and exiting trades, considering multiple indicators, and closely monitoring market movements.
Stay up-to-date with the latest options trades involving Progressive by utilizing Benzinga Pro for real-time options trade alerts.
