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 19 uncommon options trades for Western Digital.
This isn't normal.
The overall sentiment of these big-money traders is split between 21% bullish and 42%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $79,702, and 16 are calls, for a total amount of $1,395,977.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $67.5 for Western Digital over the recent three months.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Western Digital's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Western Digital's whale trades within a strike price range from $50.0 to $67.5 in the last 30 days.
Western Digital Option Activity Analysis: 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDC | CALL | TRADE | BEARISH | 11/15/24 | $3.45 | $3.3 | $3.35 | $67.50 | $351.7K | 365 | 1.0K |
| WDC | CALL | SWEEP | BULLISH | 08/23/24 | $2.18 | $2.12 | $2.18 | $61.00 | $109.8K | 853 | 511 |
| WDC | CALL | SWEEP | NEUTRAL | 08/30/24 | $3.4 | $3.25 | $3.25 | $60.00 | $97.5K | 4.2K | 1.7K |
| WDC | CALL | SWEEP | NEUTRAL | 08/30/24 | $3.35 | $3.2 | $3.2 | $60.00 | $96.0K | 4.2K | 2.0K |
| WDC | CALL | SWEEP | BEARISH | 08/30/24 | $3.25 | $3.1 | $3.1 | $60.00 | $93.0K | 4.2K | 911 |
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.
In light of the recent options history for Western Digital, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Western Digital
- With a trading volume of 5,000,665, the price of WDC is up by 2.0%, reaching $61.58.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 76 days from now.
Professional Analyst Ratings for Western Digital
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $90.4.
- Consistent in their evaluation, an analyst from Benchmark keeps a Buy rating on Western Digital with a target price of $92.
- An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $100.
- An analyst from Evercore ISI Group persists with their Outperform rating on Western Digital, maintaining a target price of $90.
- An analyst from Susquehanna persists with their Neutral rating on Western Digital, maintaining a target price of $75.
- Consistent in their evaluation, an analyst from Wedbush keeps a Outperform rating on Western Digital with a target price of $95.
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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