Investors with a lot of money to spend have taken a bullish stance on Wingstop WING.
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 this is an institution or just a wealthy individual, we don't know. But when something this big happens with WING, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for Wingstop.
This isn't normal.
The overall sentiment of these big-money traders is split between 66% bullish and 0%, bearish.
Out of all of the options we uncovered, 8 are puts, for a total amount of $556,111, and there was 1 call, for a total amount of $85,050.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $280.0 and $420.0 for Wingstop, spanning the last three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Wingstop stands at 146.0, with a total volume reaching 318.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Wingstop, situated within the strike price corridor from $280.0 to $420.0, throughout the last 30 days.
Wingstop Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WING | PUT | SWEEP | BULLISH | 01/17/25 | $9.1 | $7.6 | $7.6 | $280.00 | $126.2K | 204 | 0 |
| WING | CALL | SWEEP | BULLISH | 07/19/24 | $18.9 | $18.7 | $18.9 | $410.00 | $85.0K | 221 | 11 |
| WING | PUT | TRADE | BULLISH | 09/20/24 | $38.9 | $38.6 | $38.6 | $420.00 | $77.2K | 13 | 105 |
| WING | PUT | TRADE | NEUTRAL | 09/20/24 | $39.9 | $38.5 | $39.1 | $420.00 | $70.3K | 13 | 69 |
| WING | PUT | TRADE | NEUTRAL | 09/20/24 | $38.9 | $38.2 | $38.6 | $420.00 | $69.4K | 13 | 87 |
About Wingstop
Founded in 1994 in Garland, Texas, Wingstop is a restaurant operator specializing in indulgent bone-in and boneless chicken wings, chicken tenders, fries, and, recently, chicken sandwiches. The firm's footprint has grown quickly since its inception, reaching north of 2,200 global stores at the end of 2023, rendering Wingstop the 31st-largest restaurant brand in the U.S. by system sales, according to Euromonitor data. With a 98% franchised model, Wingstop generates the lion share of its revenue from franchise royalties and advertising fees, with the remainder derived from a small footprint of company-owned stores.
Having examined the options trading patterns of Wingstop, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Wingstop
- Trading volume stands at 167,236, with WING's price down by -0.1%, positioned at $408.27.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 40 days.
Expert Opinions on Wingstop
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $436.75.
- An analyst from Stifel has decided to maintain their Buy rating on Wingstop, which currently sits at a price target of $460.
- An analyst from TD Cowen has decided to maintain their Buy rating on Wingstop, which currently sits at a price target of $450.
- An analyst from TD Cowen has revised its rating downward to Buy, adjusting the price target to $430.
- In a cautious move, an analyst from Goldman Sachs downgraded its rating to Neutral, setting a price target of $407.
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 Wingstop, 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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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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