Spotlight on Western Digital: Analyzing the Surge in Options Activity

Whales with a lot of money to spend have taken a noticeably bullish stance on Western Digital.

Looking at options history for Western Digital (NASDAQ:WDC) we detected 76 trades.

If we consider the specifics of each trade, it is accurate to state that 42% of the investors opened trades with bullish expectations and 39% with bearish.

From the overall spotted trades, 27 are puts, for a total amount of $1,892,688 and 49, calls, for a total amount of $3,964,584.

Projected Price Targets

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 $170.0 for Western Digital, spanning the last three months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Western Digital'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 Western Digital's whale trades within a strike price range from $40.0 to $170.0 in the last 30 days.

Western Digital 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

About Western Digital

Western Digital is a leading vertically integrated supplier of hard disk drives. The HDD market is a practical duopoly, with Western Digital and Seagate being the two largest players. Western Digital designs and manufactures its HDDs, with much of the manufacturing and workforce located in Asia. The primary consumers of HDDs are data centers.

Following our analysis of the options activities associated with Western Digital, we pivot to a closer look at the company's own performance.

Western Digital's Current Market Status

• With a trading volume of 10,541,831, the price of WDC is up by 2.36%, reaching $119.5.
• Current RSI values indicate that the stock is may be overbought.
• Next earnings report is scheduled for 23 days from now.

Professional Analyst Ratings for Western Digital

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $130.4.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Consistent in their evaluation, an analyst from Cantor Fitzgerald keeps a Overweight rating on Western Digital with a target price of $160. * An analyst from Mizuho has decided to maintain their Outperform rating on Western Digital, which currently sits at a price target of $120. * An analyst from Bernstein has revised its rating downward to Market Perform, adjusting the price target to $96. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Western Digital with a target price of $171. * Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Western Digital, targeting a price of $105.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Western Digital options trades with real-time alerts from Benzinga Pro.