Western Digital Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Western Digital WDC.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WDC, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 15 uncommon options trades for Western Digital.

This isn't normal.

The overall sentiment of these big-money traders is split between 80% bullish and 13%, bearish.

Out of all of the special options we uncovered, 11 are puts, for a total amount of $491,200, and 4 are calls, for a total amount of $126,026.

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 $42.5 to $50.0 for Western Digital over the last 3 months.

Volume & Open Interest Development

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 $42.5 to $50.0 in the last 30 days.

Western Digital Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

About Western Digital

Western Digital is a leading, vertically integrated supplier of hard disk drives. The HDD market is a practical duopoly with, Western Digital and Seagate being the two largest players. Western Digital designs and manufacturers its HDDs, with much of the manufacturing and workforce located in Asia. The primary consumers of HDDs are data centers.

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 4,941,931, the WDC's price is down by -4.84%, now at $42.06.
• RSI readings suggest the stock is currently may be approaching oversold.
• Anticipated earnings release is in 49 days.

Professional Analyst Ratings for Western Digital

In the last month, 5 experts released ratings on this stock with an average target price of $86.8.

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. * An analyst from Wells Fargo has decided to maintain their Overweight rating on Western Digital, which currently sits at a price target of $75. * An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $95. * An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $95. * An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $95. * Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Western Digital with a target price of $74.

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.