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 11 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 72% leaning bullish and 18% bearish. Among these notable options, 4 are puts, totaling $326,246, and 7 are calls, amounting to $286,104.
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 $340.0 and $380.0 for Home Depot, spanning the last three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Home Depot stands at 264.0, with a total volume reaching 497.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Home Depot, situated within the strike price corridor from $340.0 to $380.0, throughout the last 30 days.
Home Depot 30-Day Option Volume & Interest Snapshot
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 | SWEEP | BULLISH | 12/18/26 | $41.2 | $39.7 | $39.7 | $350.00 | $119.4K | 50 | 30 |
| HD | PUT | SWEEP | BULLISH | 12/18/26 | $44.25 | $43.35 | $44.25 | $360.00 | $110.5K | 12 | 22 |
| HD | PUT | SWEEP | BEARISH | 09/13/24 | $23.1 | $22.4 | $23.1 | $380.00 | $69.3K | 0 | 30 |
| HD | CALL | TRADE | BULLISH | 08/23/24 | $2.27 | $2.19 | $2.27 | $370.00 | $68.1K | 1.0K | 300 |
| HD | CALL | SWEEP | BEARISH | 10/18/24 | $13.65 | $13.4 | $13.4 | $360.00 | $48.2K | 148 | 84 |
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.
After a thorough review of the options trading surrounding Home Depot, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Home Depot
- Currently trading with a volume of 1,127,917, the HD's price is up by 0.94%, now at $359.01.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 89 days.
What The Experts Say On Home Depot
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $395.2.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Home Depot with a target price of $395.
- An analyst from Telsey Advisory Group has decided to maintain their Market Perform rating on Home Depot, which currently sits at a price target of $360.
- An analyst from UBS persists with their Buy rating on Home Depot, maintaining a target price of $425.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Home Depot, targeting a price of $400.
- An analyst from Truist Securities persists with their Buy rating on Home Depot, maintaining a target price of $396.
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 Home Depot, 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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