Investors with significant funds have taken a bearish position in Tapestry (NYSE:TPR), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in TPR usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 8 options transactions for Tapestry. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 12% being bullish and 75% bearish. Of all the options we discovered, 7 are puts, valued at $2,381,301, and there was a single call, worth $26,750.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $40.0 and $42.5 for Tapestry, spanning the last three months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Tapestry's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Tapestry's significant trades, within a strike price range of $40.0 to $42.5, over the past month.
Tapestry Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TPR | PUT | SWEEP | BEARISH | 01/17/25 | $2.95 | $2.9 | $2.9 | $40.00 | $1.3M | 4.1K | 8.8K |
| TPR | PUT | SWEEP | BEARISH | 01/17/25 | $2.8 | $2.7 | $2.85 | $40.00 | $792.6K | 4.1K | 2.9K |
| TPR | PUT | SWEEP | BEARISH | 01/17/25 | $2.8 | $2.7 | $2.79 | $40.00 | $51.3K | 4.1K | 182 |
| TPR | PUT | SWEEP | BEARISH | 01/17/25 | $2.85 | $2.75 | $2.85 | $40.00 | $39.8K | 4.1K | 3.2K |
| TPR | PUT | SWEEP | BEARISH | 01/17/25 | $2.85 | $2.7 | $2.83 | $40.00 | $37.0K | 4.1K | 3.3K |
About Tapestry
Coach, Kate Spade, and Stuart Weitzman are Tapestry's fashion and accessory brands. The firm's products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (66% of fiscal 2023 sales), Europe, Asia (29% of fiscal 2023 sales), and elsewhere. Coach (75% of fiscal 2023 sales) is best known for affordable luxury leather products. Kate Spade (21% of fiscal 2023 sales) is known for colorful patterns and graphics. Women's handbags and accessories produced 69% of Tapestry's sales in fiscal 2023. Stuart Weitzman (4% of sales) generates nearly all its revenue from women's footwear. In August 2023, Tapestry agreed to acquire rival Capri and its three brands, Michael Kors, Versace, and Jimmy Choo.
After a thorough review of the options trading surrounding Tapestry, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Tapestry Standing Right Now? Trading volume stands at 968,469, with TPR's price up by 2.3%, positioned at $41.31. RSI indicators show the stock to be may be approaching overbought. Earnings announcement expected in 78 days. What Analysts Are Saying About Tapestry
In the last month, 5 experts released ratings on this stock with an average target price of $50.2.
An analyst from UBS persists with their Neutral rating on Tapestry, maintaining a target price of $40. Maintaining their stance, an analyst from Telsey Advisory Group continues to hold a Outperform rating for Tapestry, targeting a price of $54. An analyst from JP Morgan has decided to maintain their Overweight rating on Tapestry, which currently sits at a price target of $51. Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Tapestry, targeting a price of $52. An analyst from Telsey Advisory Group persists with their Outperform rating on Tapestry, maintaining a target price of $54.
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 Tapestry, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
