Investors with a lot of money to spend have taken a bearish stance on Shopify (NASDAQ:SHOP).

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SHOP, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 13 uncommon options trades for Shopify.

This isn't normal.

The overall sentiment of these big-money traders is split between 7% bullish and 69%, bearish.

Out of all of the special options we uncovered, 10 are puts, for a total amount of $674,567, and 3 are calls, for a total amount of $298,152.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $170.0 for Shopify over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Shopify'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 Shopify's whale activity within a strike price range from $60.0 to $170.0 in the last 30 days.

Shopify 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
SHOP	CALL	SWEEP	BEARISH	01/21/28	$42.75	$40.5	$40.7	$100.00	$216.9K	111	0
SHOP	PUT	TRADE	BEARISH	02/20/26	$31.55	$29.3	$31.09	$140.00	$186.5K	1.8K	0
SHOP	PUT	TRADE	NEUTRAL	05/15/26	$0.88	$0.49	$0.7	$60.00	$115.9K	279	1.6K
SHOP	PUT	TRADE	BEARISH	02/20/26	$31.9	$29.15	$31.89	$140.00	$102.0K	1.8K	0
SHOP	PUT	SWEEP	BEARISH	02/20/26	$58.8	$58.3	$58.8	$170.00	$58.8K	64	10

About Shopify

Shopify offers an e-commerce platform mainly to small and medium-sized businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Where Is Shopify Standing Right Now?

• With a volume of 2,659,060, the price of SHOP is up 1.26% at $110.49.
• RSI indicators hint that the underlying stock may be oversold.
• Next earnings are expected to be released in 83 days.

Expert Opinions on Shopify

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $135.2.

• Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Shopify with a target price of $130.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on Shopify with a target price of $150.
• Consistent in their evaluation, an analyst from Citizens keeps a Market Outperform rating on Shopify with a target price of $160.
• Consistent in their evaluation, an analyst from Cantor Fitzgerald keeps a Neutral rating on Shopify with a target price of $126.
• An analyst from Truist Securities has decided to maintain their Hold rating on Shopify, which currently sits at a price target of $110.

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.