Deep-pocketed investors have adopted a bearish approach towards Alcoa AA, 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 AA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Alcoa. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 50% bearish. Among these notable options, 2 are puts, totaling $77,695, and 8 are calls, amounting to $1,210,239.
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 $25.0 to $50.0 for Alcoa during the past quarter.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Alcoa stands at 5407.0, with a total volume reaching 3,174.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Alcoa, situated within the strike price corridor from $25.0 to $50.0, throughout the last 30 days.
Alcoa Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AA | CALL | SWEEP | BULLISH | 01/17/25 | $22.3 | $22.2 | $22.25 | $25.00 | $852.0K | 658 | 0 |
| AA | CALL | SWEEP | BULLISH | 07/18/25 | $6.3 | $6.15 | $6.3 | $50.00 | $63.0K | 86 | 400 |
| AA | CALL | SWEEP | BULLISH | 07/18/25 | $6.2 | $5.95 | $6.2 | $50.00 | $62.0K | 86 | 200 |
| AA | CALL | SWEEP | NEUTRAL | 07/18/25 | $6.25 | $6.05 | $6.2 | $50.00 | $62.0K | 86 | 100 |
| AA | CALL | SWEEP | BEARISH | 01/17/25 | $2.2 | $2.19 | $2.19 | $50.00 | $61.5K | 16.3K | 510 |
About Alcoa
Alcoa is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and manufacturing primary aluminum. It is the world's largest bauxite miner and alumina refiner by production volume, and the eighth-largest aluminum producer. Profits are closely tied to prevailing commodity prices along the aluminum supply chain.Alcoa was the first mass producer of aluminum, launching the world-changing Hall-Heroult smelting process in the 1880s, making aluminum affordable. It listed as a public company in 1925. In 2016, Alcoa spun off its automotive and aerospace metal parts segment to focus on mining, smelting, and refining. It bought the 40% unowned balance of AWAC in mid-2024, meaning refining assets are now predominantly wholly owned, as with smelting.
Following our analysis of the options activities associated with Alcoa, we pivot to a closer look at the company's own performance.
Alcoa's Current Market Status
- Currently trading with a volume of 1,858,883, the AA's price is down by -0.31%, now at $47.07.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 50 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 Alcoa with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
