Home Depot Unusual Options Activity For March 21

Deep-pocketed investors have adopted a bullish approach towards Home Depot HD, 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 HD usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 32 extraordinary options activities for Home Depot. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 56% leaning bullish and 43% bearish. Among these notable options, 4 are puts, totaling $166,580, and 28 are calls, amounting to $1,331,341.

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 $330.0 and $450.0 for Home Depot, spanning the last three months.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of Home Depot stands at 451.62, with a total volume reaching 6,884.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Home Depot, situated within the strike price corridor from $330.0 to $450.0, throughout the last 30 days.

Home Depot 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

About Home Depot

Home Depot is the world's largest home improvement specialty retailer, operating more than 2,300 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the United States, Canada, and Mexico. Its stores offer numerous building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of distributor Interline Brands in 2015 allowed Home Depot to enter the maintenance, repair, and operations business, which has been expanded through the tie-up with HD Supply (2020). Moreover, the additions of the Company Store brought textile exposure to the lineup, while Redi Carpet added multifamily flooring.

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

Home Depot's Current Market Status

• With a volume of 1,312,727, the price of HD is up 2.96% at $395.77.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 54 days.

Expert Opinions on Home Depot

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $396.6.

• Consistent in their evaluation, an analyst from RBC Capital keeps a Sector Perform rating on Home Depot with a target price of $377.
• An analyst from Citigroup has decided to maintain their Buy rating on Home Depot, which currently sits at a price target of $415.
• An analyst from Mizuho downgraded its action to Buy with a price target of $415.
• Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Home Depot with a target price of $386.
• Maintaining their stance, an analyst from Guggenheim continues to hold a Buy rating for Home Depot, targeting a price of $390.

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 Home Depot options trades with real-time alerts from Benzinga Pro.