Investors with a lot of money to spend have taken a bearish stance on Workday WDAY.
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 WDAY, 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 12 uncommon options trades for Workday.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 50%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $401,245, and 9 are calls, for a total amount of $765,906.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $200.0 to $300.0 for Workday over the last 3 months.
Insights into Volume & Open Interest
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 Workday'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 Workday's whale trades within a strike price range from $200.0 to $300.0 in the last 30 days.
Workday 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDAY | PUT | TRADE | BULLISH | 10/04/24 | $3.1 | $2.4 | $2.61 | $240.00 | $335.3K | 0 | 1.2K |
| WDAY | CALL | TRADE | NEUTRAL | 09/20/24 | $26.6 | $24.4 | $25.4 | $235.00 | $251.4K | 423 | 99 |
| WDAY | CALL | SWEEP | BULLISH | 08/30/24 | $7.3 | $7.3 | $7.3 | $255.00 | $153.3K | 685 | 528 |
| WDAY | CALL | TRADE | BEARISH | 08/30/24 | $35.5 | $32.9 | $33.83 | $225.00 | $101.4K | 110 | 67 |
| WDAY | CALL | SWEEP | NEUTRAL | 08/30/24 | $35.5 | $34.2 | $34.85 | $225.00 | $101.0K | 110 | 96 |
About Workday
Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California. Founded in 2005, Workday now employs over 18,000 employees.
Following our analysis of the options activities associated with Workday, we pivot to a closer look at the company's own performance.
Where Is Workday Standing Right Now?
- With a volume of 1,017,580, the price of WDAY is down -0.03% at $259.88.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 92 days.
Expert Opinions on Workday
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $304.0.
- In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $350.
- Consistent in their evaluation, an analyst from Evercore ISI Group keeps a Outperform rating on Workday with a target price of $310.
- An analyst from Deutsche Bank has decided to maintain their Hold rating on Workday, which currently sits at a price target of $275.
- An analyst from Wells Fargo persists with their Overweight rating on Workday, maintaining a target price of $300.
- An analyst from Piper Sandler persists with their Overweight rating on Workday, maintaining a target price of $285.
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 Workday with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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