Deep-pocketed investors have adopted a bearish approach towards Elastic ESTC, 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 ESTC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 26 extraordinary options activities for Elastic. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 26% leaning bullish and 73% bearish. Among these notable options, 7 are puts, totaling $559,352, and 19 are calls, amounting to $1,363,112.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $115.0 and $175.0 for Elastic, spanning the last three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Elastic options trades today is 743.63 with a total volume of 6,858.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Elastic's big money trades within a strike price range of $115.0 to $175.0 over the last 30 days.
Elastic Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ESTC | CALL | TRADE | NEUTRAL | 03/15/24 | $145.00 | $240.4K | 289 | 449 |
| ESTC | PUT | SWEEP | NEUTRAL | 04/19/24 | $120.00 | $183.5K | 41 | 87 |
| ESTC | CALL | TRADE | BEARISH | 01/16/26 | $135.00 | $162.8K | 0 | 37 |
| ESTC | CALL | SWEEP | BULLISH | 03/15/24 | $150.00 | $130.8K | 661 | 1.0K |
| ESTC | CALL | SWEEP | BEARISH | 03/15/24 | $170.00 | $117.8K | 159 | 980 |
About Elastic
Elastic is a software company based in Mountain View, California, focusing on search-adjacent products. Its search engine allows it to process both structured and unstructured data while gleaning insights from that data. The firm's primary focus is on enterprise search, observability, and security.
Following our analysis of the options activities associated with Elastic, we pivot to a closer look at the company's own performance.
Where Is Elastic Standing Right Now?
- Currently trading with a volume of 1,391,472, the ESTC's price is down by -0.66%, now at $128.85.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 0 days.
What Analysts Are Saying About Elastic
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $155.0.
- An analyst from Truist Securities persists with their Buy rating on Elastic, maintaining a target price of $140.
- Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Elastic with a target price of $130.
- Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for Elastic, targeting a price of $165.
- An analyst from Scotiabank downgraded its action to Sector Outperform with a price target of $185.
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 Elastic with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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