Investors with a lot of money to spend have taken a bearish stance on Western Digital WDC.
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 WDC, 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 13 uncommon options trades for Western Digital.
This isn't normal.
The overall sentiment of these big-money traders is split between 23% bullish and 69%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $78,042, and 10 are calls, for a total amount of $1,329,095.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $60.0 to $87.5 for Western Digital over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Western Digital stands at 2795.22, with a total volume reaching 873.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Western Digital, situated within the strike price corridor from $60.0 to $87.5, throughout the last 30 days.
Western Digital 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDC | CALL | TRADE | BEARISH | 07/19/24 | $2.82 | $2.46 | $2.46 | $78.00 | $738.0K | 3 | 0 |
| WDC | CALL | SWEEP | BULLISH | 02/21/25 | $9.85 | $9.7 | $9.7 | $80.00 | $96.9K | 491 | 0 |
| WDC | CALL | SWEEP | BEARISH | 02/21/25 | $7.85 | $7.65 | $7.7 | $85.00 | $84.7K | 262 | 0 |
| WDC | CALL | TRADE | BEARISH | 02/21/25 | $7.85 | $7.7 | $7.74 | $85.00 | $77.4K | 262 | 110 |
| WDC | CALL | SWEEP | BEARISH | 11/15/24 | $7.25 | $7.15 | $7.2 | $80.00 | $72.0K | 3.6K | 129 |
About Western Digital
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
Having examined the options trading patterns of Western Digital, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Western Digital
- With a trading volume of 2,131,333, the price of WDC is up by 1.69%, reaching $76.67.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 34 days from now.
Expert Opinions on Western Digital
In the last month, 5 experts released ratings on this stock with an average target price of $98.6.
- An analyst from Rosenblatt has decided to maintain their Buy rating on Western Digital, which currently sits at a price target of $115.
- Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Western Digital, targeting a price of $88.
- Maintaining their stance, an analyst from Loop Capital continues to hold a Buy rating for Western Digital, targeting a price of $100.
- Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Western Digital, targeting a price of $90.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $100.
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 Western Digital 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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