Looking At Elevance Health's Recent Unusual Options Activity

Deep-pocketed investors have adopted a bearish approach towards Elevance Health ELV, 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 ELV usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Elevance Health. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 6 are puts, totaling $193,314, and 2 are calls, amounting to $271,329.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $530.0 to $600.0 for Elevance Health over the last 3 months.

Insights into 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 Elevance Health's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Elevance Health's significant trades, within a strike price range of $530.0 to $600.0, over the past month.

Elevance Health Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

About Elevance Health

Elevance Health remains one of the leading health insurers in the U.S., providing medical benefits to 47 million medical members as of December 2023. The company offers employer, individual, and government-sponsored coverage plans. Elevance differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Elevance's reach expands beyond those states through government-sponsored programs such as Medicaid and Medicare Advantage plans, too.

In light of the recent options history for Elevance Health, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Elevance Health's Current Market Status

• Trading volume stands at 229,417, with ELV's price down by -0.08%, positioned at $542.95.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 57 days.

What The Experts Say On Elevance Health

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $597.6666666666666.

• Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $600.
• Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Elevance Health with a target price of $593.
• An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $600.

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 Elevance Health, Benzinga Pro gives you real-time options trades alerts.