Investors with a lot of money to spend have taken a bearish stance on Pure Storage PSTG.
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 PSTG, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 19 options trades for Pure Storage.
This isn't normal.
The overall sentiment of these big-money traders is split between 0% bullish and 84%, bearish.
Out of all of the options we uncovered, 18 are puts, for a total amount of $1,996,722, and there was 1 call, for a total amount of $34,976.
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 $55.0 and $75.0 for Pure Storage, spanning the last three months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Pure Storage's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Pure Storage's significant trades, within a strike price range of $55.0 to $75.0, over the past month.
Pure Storage 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSTG | PUT | SWEEP | BEARISH | 09/20/24 | $4.5 | $4.2 | $4.5 | $55.00 | $427.9K | 745 | 4.0K |
| PSTG | PUT | SWEEP | BEARISH | 09/20/24 | $4.0 | $3.9 | $4.0 | $55.00 | $353.2K | 745 | 912 |
| PSTG | PUT | SWEEP | BEARISH | 09/20/24 | $4.2 | $4.0 | $4.2 | $55.00 | $304.9K | 745 | 2.0K |
| PSTG | PUT | SWEEP | BEARISH | 09/20/24 | $4.3 | $4.1 | $4.3 | $55.00 | $187.9K | 745 | 2.0K |
| PSTG | PUT | SWEEP | BEARISH | 09/20/24 | $4.3 | $4.1 | $4.3 | $55.00 | $122.9K | 745 | 2.7K |
About Pure Storage
Pure Storage Inc is a U.S.-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs. It generates revenue from two sources: product revenue which includes the sale of integrated storage hardware and embedded operating system software and; subscription services revenue which includes Evergreen Storage subscriptions, a unified subscription which includes Pure as-a-Service, and Cloud Block Store, and Portworx. Subscription services revenue also includes professional services offerings such as installation and implementation consulting services.
After a thorough review of the options trading surrounding Pure Storage, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Pure Storage Standing Right Now?
- With a volume of 1,912,879, the price of PSTG is down -3.83% at $55.97.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 29 days.
What Analysts Are Saying About Pure Storage
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $47.0.
- An analyst from UBS has revised its rating downward to Sell, adjusting the price target to $47.
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 Pure Storage with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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