Block Options Traders Betting On Stock Dropping This Much By March Expiration

Block Inc (NYSE: SQ) is scheduled to release quarterly earnings after the closing bell on Feb. 23, 2023.

Analysts expect the company to post quarterly earnings at $0.30 per share with revenue of $4.6 billion.

Block is implying a move of +/-10%, while the stock has moved around 8% on average over the past two years post-earnings, according to Dan Nathan of RiskReversal.

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There were buyers of 3,000 of the March 72.5-puts at an average price of $5 per contract, Nathan mentioned on CNBC’s "Options Action."

The traders expect Block’s stock to drop at least 7% by March expiration.

Price Action: Block’s shares gained 1.4% to close at $72.94 on Wednesday.

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