Deep-pocketed investors have adopted a bearish approach towards Western Digital WDC, 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 WDC 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 Western Digital. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 50% bearish. Among these notable options, 4 are puts, totaling $172,178, and 4 are calls, amounting to $110,475.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $45.0 to $63.0 for Western Digital during the past quarter.
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 Western Digital's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Western Digital's significant trades, within a strike price range of $45.0 to $63.0, over the past month.
Western Digital 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDC | PUT | SWEEP | BEARISH | 01/16/26 | $7.95 | $7.9 | $7.9 | $60.00 | $79.8K | 116 | 101 |
| WDC | PUT | SWEEP | BEARISH | 02/21/25 | $4.3 | $4.2 | $4.31 | $60.00 | $41.3K | 470 | 108 |
| WDC | CALL | SWEEP | NEUTRAL | 11/15/24 | $11.55 | $11.45 | $11.45 | $55.00 | $28.6K | 101 | 25 |
| WDC | CALL | SWEEP | BULLISH | 09/20/24 | $2.19 | $2.14 | $2.19 | $63.00 | $28.5K | 675 | 230 |
| WDC | CALL | TRADE | BEARISH | 09/20/24 | $19.65 | $18.1 | $18.7 | $45.00 | $28.0K | 146 | 15 |
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.
Having examined the options trading patterns of Western Digital, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Western Digital Standing Right Now?
- Currently trading with a volume of 877,700, the WDC's price is up by 2.34%, now at $64.73.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 45 days.
What Analysts Are Saying About Western Digital
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $82.5.
- An analyst from TD Cowen has decided to maintain their Buy rating on Western Digital, which currently sits at a price target of $80.
- Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Western Digital with a target price of $85.
- Maintaining their stance, an analyst from Evercore ISI Group continues to hold a Outperform rating for Western Digital, targeting a price of $85.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $80.
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 Western Digital, Benzinga Pro gives you real-time options trades alerts.
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