Deep-pocketed investors have adopted a bullish approach towards Home Depot HD, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in HD usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 16 extraordinary options activities for Home Depot. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 37% bearish. Among these notable options, 10 are puts, totaling $500,195, and 6 are calls, amounting to $172,989.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $310.0 and $560.0 for Home Depot, spanning the last three months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Home Depot options trades today is 641.62 with a total volume of 1,490.00.
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 $310.0 to $560.0 over the last 30 days.
Home Depot Option Activity Analysis: Last 30 Days
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 | TRADE | NEUTRAL | 09/20/24 | $193.4 | $189.95 | $191.39 | $540.00 | $95.6K | 24 | 10 |
| HD | PUT | TRADE | BULLISH | 09/20/24 | $193.4 | $189.95 | $191.1 | $540.00 | $95.5K | 24 | 5 |
| HD | PUT | TRADE | BULLISH | 12/18/26 | $49.25 | $47.6 | $47.6 | $350.00 | $85.6K | 30 | 20 |
| HD | PUT | TRADE | NEUTRAL | 11/15/24 | $215.05 | $211.5 | $213.6 | $560.00 | $42.7K | 114 | 4 |
| HD | PUT | SWEEP | BEARISH | 08/30/24 | $2.69 | $2.28 | $2.62 | $310.00 | $33.1K | 24 | 0 |
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 US, 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 Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The additions of the Company Store brought textiles to the lineup, and Redi Carpet added multifamily flooring, while the recent tie-up with SRS helps grow professional demand.
Following our analysis of the options activities associated with Home Depot, we pivot to a closer look at the company's own performance.
Present Market Standing of Home Depot
- With a volume of 894,045, the price of HD is up 0.53% at $350.2.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 4 days.
Expert Opinions on Home Depot
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $384.0.
- An analyst from Stifel persists with their Hold rating on Home Depot, maintaining a target price of $380.
- An analyst from JP Morgan persists with their Overweight rating on Home Depot, maintaining a target price of $400.
- An analyst from Truist Securities persists with their Buy rating on Home Depot, maintaining a target price of $396.
- Consistent in their evaluation, an analyst from Telsey Advisory Group keeps a Market Perform rating on Home Depot with a target price of $360.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Home Depot options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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