High-rolling investors have positioned themselves bullish on Elastic ESTC, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ESTC often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for Elastic. This is not a typical pattern.
The sentiment among these major traders is split, with 33% bullish and 33% bearish. Among all the options we identified, there was one put, amounting to $72,250, and 8 calls, totaling $493,658.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $80.0 to $85.0 for Elastic over the last 3 months.
Volume & Open Interest Trends
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 Elastic'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 Elastic's whale trades within a strike price range from $80.0 to $85.0 in the last 30 days.
Elastic Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ESTC | CALL | TRADE | BULLISH | 01/17/25 | $9.8 | $9.5 | $9.7 | $80.00 | $184.2K | 1.2K | 330 |
| ESTC | CALL | TRADE | NEUTRAL | 01/17/25 | $9.7 | $9.5 | $9.6 | $80.00 | $98.8K | 1.2K | 104 |
| ESTC | PUT | SWEEP | BEARISH | 01/17/25 | $8.5 | $8.4 | $8.5 | $85.00 | $72.2K | 124 | 85 |
| ESTC | CALL | TRADE | BULLISH | 01/17/25 | $10.2 | $9.9 | $10.1 | $80.00 | $64.6K | 1.2K | 521 |
| ESTC | CALL | TRADE | BEARISH | 01/17/25 | $9.8 | $9.7 | $9.7 | $80.00 | $33.9K | 1.2K | 365 |
About Elastic
Elastic is a software company based in Mountain View, California, focusing on search-adjacent products. Its search engine allows it to process both structured and unstructured data while gleaning insights from that data. The firm's primary focus is on enterprise search, observability, and security.
After a thorough review of the options trading surrounding Elastic, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Elastic Standing Right Now?
- Currently trading with a volume of 314,355, the ESTC's price is up by 0.66%, now at $82.72.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 44 days.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
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 Elastic with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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