Deep-pocketed investors have adopted a bearish approach towards Centene CNC, 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 CNC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 21 extraordinary options activities for Centene. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 19% leaning bullish and 76% bearish. Among these notable options, 15 are puts, totaling $4,405,390, and 6 are calls, amounting to $307,439.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $55.0 to $67.5 for Centene during the past quarter.
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 Centene'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 Centene's whale trades within a strike price range from $55.0 to $67.5 in the last 30 days.
Centene 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CNC | PUT | TRADE | BEARISH | 10/18/24 | $3.4 | $3.0 | $3.3 | $66.00 | $1.6M | 11.9K | 8.9K |
| CNC | PUT | TRADE | BULLISH | 11/29/24 | $1.1 | $0.9 | $0.95 | $55.00 | $730.0K | 0 | 7.6K |
| CNC | PUT | SWEEP | BEARISH | 10/18/24 | $3.3 | $3.2 | $3.3 | $66.00 | $330.1K | 11.9K | 1.0K |
| CNC | PUT | TRADE | BEARISH | 10/18/24 | $3.2 | $2.5 | $3.0 | $66.00 | $300.0K | 11.9K | 11.9K |
| CNC | PUT | SWEEP | BEARISH | 10/18/24 | $3.4 | $2.95 | $3.0 | $66.00 | $273.6K | 11.9K | 3.0K |
About Centene
Centene is a managed-care organization focused on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges. Centene served 24 million medical members as of June 2023, mostly in Medicaid (67% of membership), the individual exchanges (14%), and Medicare Advantage (6%) plans. The company also serves traditional Medicare users with its Medicare Part D pharmaceutical program.
Having examined the options trading patterns of Centene, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Centene Standing Right Now?
- With a volume of 14,571,018, the price of CNC is down -8.8% at $63.2.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 8 days.
What Analysts Are Saying About Centene
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $90.0.
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. * An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $90. * An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $90.
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 Centene with Benzinga Pro for real-time alerts.
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