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IBM's Options Frenzy: What You Need to Know

Benzinga•December 01, 2025 at 8:01 PM•Full Content

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Detected Companies & Sentiment

International Business Machines Corporation

"neutral mention"

Gist

Large options trades suggest institutional bearish sentiment toward IBM, with significant put activity signaling potential downside expectations despite analyst optimism.

LLM Summary

Benzinga detected 30 unusual options trades in IBM, with 43% bearish sentiment and $1.08M in put options traded, indicating possible downside expectations. Despite this, analysts maintain a positive outlook, with an average price target of $360.0, though one downgraded to Outperform. The data reflects a divergence between smart money activity and analyst sentiment.

Full Article Content

Investors with a lot of money to spend have taken a bearish stance on IBM (NYSE: IBM).

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 IBM, 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 30 uncommon options trades for IBM.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 43%, bearish.

Out of all of the special options we uncovered, 14 are puts, for a total amount of $1,084,033, and 16 are calls, for a total amount of $1,337,543.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $220.0 to $330.0 for IBM over the last 3 months.

Insights into Volume & Open Interest

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 IBM'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 IBM's whale activity within a strike price range from $220.0 to $330.0 in the last 30 days.

IBM Call and Put Volume: 30-Day Overview

!Options Call Chart

Largest Options Trades Observed:

SymbolPUT/CALLTrade TypeSentimentExp. DateAskBidPriceStrike PriceTotal Trade PriceOpen InterestVolumeIBMCALLSWEEPNEUTRAL03/20/26$15.0$14.6$14.6$320.00$223.3K2.7K153IBMCALLSWEEPBULLISH03/20/26$14.8$14.8$14.8$320.00$216.0K2.7K375IBMPUTSWEEPBEARISH02/20/26$16.3$16.3$16.3$300.00$207.0K370111IBMCALLSWEEPBEARISH03/20/26$15.0$14.8$14.8$320.00$176.1K2.7K498IBMPUTTRADEBULLISH12/05/25$26.35$25.7$25.7$330.00$174.7K068

About IBM

Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world. It provides software, IT consulting services, and hardware to help business customers modernize their technology workflows. IBM operates in 175 countries and employs approximately 300,000 people. The company has a robust roster of business partners to service its clients, which includes 95% of all Fortune 500 companies. IBM's products, including Red Hat, watsonx, and mainframes, handle some of the world's most important data workloads in areas like finance and retail.

Current Position of IBM

- With a volume of 1,214,489, the price of IBM is down -1.51% at $303.91.

- RSI indicators hint that the underlying stock may be approaching overbought.

- Next earnings are expected to be released in 58 days.

What Analysts Are Saying About IBM

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $360.0.

Unusual Options Activity Detected: Smart Money on the Move

\\* In a cautious move, an analyst from Oppenheimer downgraded its rating to Outperform, setting a price target of $360.

Investors with a lot of money to spend have taken a bearish stance on **IBM** (NYSE: IBM).

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 IBM, 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 30 uncommon options trades for IBM.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 43%, bearish.

Out of all of the special options we uncovered, 14 are puts, for a total amount of $1,084,033, and 16 are calls, for a total amount of $1,337,543.

### Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $220.0 to $330.0 for IBM over the last 3 months.

### Insights into Volume & Open Interest

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 IBM's options for a given strike price.

### IBM Call and Put Volume: 30-Day Overview

!Options Call Chart

### Largest Options Trades Observed:

**Symbol****PUT/CALL****Trade Type****Sentiment****Exp. Date****Ask****Bid****Price****Strike Price****Total Trade Price****Open Interest****Volume**IBMCALLSWEEPNEUTRAL03/20/26$15.0$14.6$14.6$320.00$223.3K2.7K153IBMCALLSWEEPBULLISH03/20/26$14.8$14.8$14.8$320.00$216.0K2.7K375IBMPUTSWEEPBEARISH02/20/26$16.3$16.3$16.3$300.00$207.0K370111IBMCALLSWEEPBEARISH03/20/26$15.0$14.8$14.8$320.00$176.1K2.7K498IBMPUTTRADEBULLISH12/05/25$26.35$25.7$25.7$330.00$174.7K068

### About IBM

### Current Position of IBM

- With a volume of 1,214,489, the price of IBM is down -1.51% at $303.91.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 58 days.

### What Analysts Are Saying About IBM

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $360.0.

**Unusual Options Activity Detected: Smart Money on the Move**

\\* In a cautious move, an analyst from Oppenheimer downgraded its rating to Outperform, setting a price target of $360.

<p>Investors with a lot of money to spend have taken a bearish stance on <strong>IBM</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>).</p>
<p>And retail traders should know.</p>
<p>We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.</p>
<p>Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with IBM, it often means somebody knows something is about to happen.</p>
<p>So how do we know what these investors just did? </p>
<p>Today, <a href="https://www.benzinga.com/pro/">Benzinga</a>'s options scanner spotted 30 uncommon options trades for IBM.</p>
<p>This isn't normal.</p>
<p>The overall sentiment of these big-money traders is split between 33% bullish and 43%, bearish.</p>
<p>Out of all of the special options we uncovered, 14 are puts, for a total amount of $1,084,033, and 16 are calls, for a total amount of $1,337,543.</p>
<h3>Projected Price Targets</h3>
<p>Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $220.0 to $330.0 for IBM over the last 3 months. </p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.</p>
<p>This data can help you track the liquidity and interest for IBM's options for a given strike price.</p>
<p>Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of IBM's whale activity within a strike price range from $220.0 to $330.0 in the last 30 days. </p>
<h3>IBM Call and Put Volume: 30-Day Overview</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1764619290_0.png" alt="Options Call Chart" /></p>

<h3>Largest Options Trades Observed:</h3>
<p><table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>IBM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>03/20/26</td>
<td>$15.0</td>
<td>$14.6</td>
<td>$14.6</td>
<td>$320.00</td>
<td>$223.3K</td>
<td>2.7K</td>
<td align="right">153</td>
</tr>
<tr>
<td>IBM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/20/26</td>
<td>$14.8</td>
<td>$14.8</td>
<td>$14.8</td>
<td>$320.00</td>
<td>$216.0K</td>
<td>2.7K</td>
<td align="right">375</td>
</tr>
<tr>
<td>IBM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/20/26</td>
<td>$16.3</td>
<td>$16.3</td>
<td>$16.3</td>
<td>$300.00</td>
<td>$207.0K</td>
<td>370</td>
<td align="right">111</td>
</tr>
<tr>
<td>IBM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/20/26</td>
<td>$15.0</td>
<td>$14.8</td>
<td>$14.8</td>
<td>$320.00</td>
<td>$176.1K</td>
<td>2.7K</td>
<td align="right">498</td>
</tr>
<tr>
<td>IBM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/05/25</td>
<td>$26.35</td>
<td>$25.7</td>
<td>$25.7</td>
<td>$330.00</td>
<td>$174.7K</td>
<td>0</td>
<td align="right">68</td>
</tr>
</tbody>
</table></p>
<h3>About IBM</h3>
<p>Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world. It provides software, IT consulting services, and hardware to help business customers modernize their technology workflows. IBM operates in 175 countries and employs approximately 300,000 people. The company has a robust roster of business partners to service its clients, which includes 95% of all Fortune 500 companies. IBM's products, including Red Hat, watsonx, and mainframes, handle some of the world's most important data workloads in areas like finance and retail.</p>
<h3>Current Position of IBM</h3>
<ul>
<li>With a volume of 1,214,489, the price of IBM is down -1.51% at $303.91. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 58 days.</li>
</ul>
<h3>What Analysts Are Saying About IBM</h3>
<p>Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $360.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.
&#x2A; In a cautious move, an analyst from Oppenheimer downgraded its rating to Outperform, setting a price target of $360. </p>
<p>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 IBM with <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> for real-time alerts.</p>

Metadata

Author:

Benzinga Insights

Image URL:

https://cdn.benzinga.com/files/imagecache/250x187xUP/images/story/2025/11/06/movers_1.jpg

Tickers:

IBM

Updated At:

December 01, 2025 at 4:01 PM

Benzinga Channels:

Options, Markets

Benzinga Tags:

BZI-UOA

Teaser:

Benzinga Stocks:

IBM (NYSE)

Benzinga Article ID:

49146276