Spotlight on Western Digital: Analyzing the Surge in Options Activity

Deep-pocketed investors have adopted a bullish 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 75% leaning bullish and 25% bearish. Among these notable options, 2 are puts, totaling $157,420, and 6 are calls, amounting to $266,767.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $70.0 for Western Digital over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Western Digital'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 Western Digital's whale activity within a strike price range from $60.0 to $70.0 in the last 30 days.

Western Digital Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

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

Current Position of Western Digital

• Currently trading with a volume of 877,567, the WDC's price is up by 0.98%, now at $65.21.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 65 days.

Expert Opinions on Western Digital

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $92.6.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Cantor Fitzgerald continues to hold a Overweight rating for Western Digital, targeting a price of $95. * An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $95. * Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on Western Digital with a target price of $90. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Western Digital with a target price of $100. * An analyst from Susquehanna has decided to maintain their Neutral rating on Western Digital, which currently sits at a price target of $83.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Western Digital options trades with real-time alerts from Benzinga Pro.