Deep-pocketed investors have adopted a bearish approach towards Nucor NUE, 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 NUE 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 Nucor. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 9% leaning bullish and 81% bearish. Among these notable options, 2 are puts, totaling $622,500, and 9 are calls, amounting to $521,888.
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 $135.0 and $160.0 for Nucor, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Nucor stands at 1208.0, with a total volume reaching 6,553.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Nucor, situated within the strike price corridor from $135.0 to $160.0, throughout the last 30 days.
Nucor 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NUE | PUT | TRADE | BULLISH | 01/17/25 | $10.7 | $10.4 | $10.5 | $150.00 | $525.0K | 1.4K | 508 |
| NUE | PUT | TRADE | NEUTRAL | 09/20/24 | $0.7 | $0.6 | $0.65 | $135.00 | $97.5K | 1.7K | 1.5K |
| NUE | CALL | TRADE | BEARISH | 01/17/25 | $7.8 | $7.7 | $7.7 | $160.00 | $77.0K | 1.6K | 102 |
| NUE | CALL | TRADE | BEARISH | 01/17/25 | $7.8 | $7.7 | $7.7 | $160.00 | $76.2K | 1.6K | 705 |
| NUE | CALL | TRADE | BEARISH | 01/17/25 | $7.8 | $7.7 | $7.7 | $160.00 | $76.2K | 1.6K | 306 |
About Nucor
Nucor Corp manufactures steel and steel products. The company also produces direct reduced iron for use in its steel mills. The operations include international trading and sales companies that buy and sell steel and steel products manufactured by the company and others. The operating business segments are: steel mills, steel products, and raw materials, the steel mills segment derives maximum revenue. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor's equity method investments in NuMit and NJSM.
After a thorough review of the options trading surrounding Nucor, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Nucor
- With a volume of 252,353, the price of NUE is up 1.93% at $150.89.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 53 days.
Professional Analyst Ratings for Nucor
1 market experts have recently issued ratings for this stock, with a consensus target price of $176.0.
- Showing optimism, an analyst from Morgan Stanley upgrades its rating to Overweight with a revised price target of $176.
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 Nucor with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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