Investors with a lot of money to spend have taken a bearish stance on Elastic ESTC.
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 ESTC, 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 15 uncommon options trades for Elastic.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 53%, bearish.
Out of all of the special options we uncovered, 12 are puts, for a total amount of $650,728, and 3 are calls, for a total amount of $105,700.
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 $90.0 and $110.0 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 593.0 with a total volume of 8,439.00.
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 $90.0 to $110.0 over the last 30 days.
Elastic Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ESTC | PUT | SWEEP | BEARISH | 06/21/24 | $5.1 | $4.8 | $5.1 | $95.00 | $84.1K | 1.1K | 1.1K |
| ESTC | PUT | SWEEP | BULLISH | 06/21/24 | $5.1 | $5.0 | $5.0 | $95.00 | $82.5K | 1.1K | 924 |
| ESTC | PUT | SWEEP | BEARISH | 06/21/24 | $5.0 | $5.0 | $5.0 | $95.00 | $71.0K | 1.1K | 450 |
| ESTC | PUT | SWEEP | BULLISH | 06/21/24 | $3.5 | $3.4 | $3.4 | $90.00 | $67.5K | 1.9K | 205 |
| ESTC | PUT | SWEEP | BEARISH | 06/21/24 | $4.9 | $4.6 | $4.9 | $95.00 | $62.7K | 1.1K | 629 |
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.
After a thorough review of the options trading surrounding Elastic, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Elastic's Current Market Status
- Trading volume stands at 758,829, with ESTC's price up by 1.03%, positioned at $101.16.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 1 days.
Expert Opinions on Elastic
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $131.66666666666666.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Elastic, targeting a price of $125.
- An analyst from Baird persists with their Outperform rating on Elastic, maintaining a target price of $135.
- Reflecting concerns, an analyst from UBS lowers its rating to Buy with a new price target of $135.
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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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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