Investors with a lot of money to spend have taken a bullish stance on Home Depot HD.
And retail traders should know.
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 HD, 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 11 uncommon options trades for Home Depot.
This isn't normal.
The overall sentiment of these big-money traders is split between 63% bullish and 36%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $240,447, and 6 are calls, for a total amount of $350,400.
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 $330.0 to $380.0 for Home Depot over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Home Depot options trades today is 339.3 with a total volume of 1,597.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Home Depot's big money trades within a strike price range of $330.0 to $380.0 over the last 30 days.
Home Depot 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HD | PUT | SWEEP | BULLISH | 06/21/24 | $22.75 | $22.5 | $22.5 | $380.00 | $112.5K | 590 | 51 |
| HD | CALL | SWEEP | NEUTRAL | 08/16/24 | $47.15 | $45.85 | $46.15 | $330.00 | $92.2K | 46 | 21 |
| HD | CALL | SWEEP | BULLISH | 09/20/24 | $20.05 | $18.55 | $20.05 | $375.00 | $78.8K | 251 | 0 |
| HD | CALL | SWEEP | NEUTRAL | 04/19/24 | $2.17 | $1.8 | $1.8 | $380.00 | $54.0K | 1.7K | 320 |
| HD | CALL | TRADE | NEUTRAL | 04/12/24 | $11.55 | $11.2 | $11.4 | $355.00 | $51.3K | 3 | 130 |
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.
In light of the recent options history for Home Depot, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Home Depot Standing Right Now?
- Currently trading with a volume of 2,972,548, the HD's price is down by -0.82%, now at $365.0.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 42 days.
Professional Analyst Ratings for Home Depot
5 market experts have recently issued ratings for this stock, with a consensus target price of $404.4.
- An analyst from Mizuho downgraded its action to Buy with a price target of $415.
- Consistent in their evaluation, an analyst from Evercore ISI Group keeps a Outperform rating on Home Depot with a target price of $420.
- Consistent in their evaluation, an analyst from Wedbush keeps a Outperform rating on Home Depot with a target price of $410.
- Consistent in their evaluation, an analyst from Telsey Advisory Group keeps a Market Perform rating on Home Depot with a target price of $360.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Home Depot, targeting a price of $417.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Home Depot, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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