Deep-pocketed investors have adopted a bearish approach towards Riot Platforms (NASDAQ:RIOT), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in RIOT usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 25 extraordinary options activities for Riot Platforms. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 40% leaning bullish and 56% bearish. Among these notable options, 2 are puts, totaling $73,060, and 23 are calls, amounting to $1,317,357.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $5.0 to $13.0 for Riot Platforms over the recent three months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Riot Platforms stands at 5252.86, with a total volume reaching 28,536.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Riot Platforms, situated within the strike price corridor from $5.0 to $13.0, throughout the last 30 days.

Riot Platforms Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

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.

In light of the recent options history for Riot Platforms, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Riot Platforms's Current Market Status

• Trading volume stands at 16,771,649, with RIOT's price up by 2.96%, positioned at $9.03.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 20 days.

Professional Analyst Ratings for Riot Platforms

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $18.5.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.* In a cautious move, an analyst from Macquarie downgraded its rating to Outperform, setting a price target of $15. * Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $22.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Riot Platforms with Benzinga Pro for real-time alerts.