Check Out What Whales Are Doing With MCHP

Deep-pocketed investors have adopted a bearish approach towards Microchip Technology MCHP, 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 MCHP 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 Microchip Technology. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 2 are puts, totaling $129,180, and 6 are calls, amounting to $254,120.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $32.5 to $55.0 for Microchip Technology over the recent three 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 Microchip Technology'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 Microchip Technology's whale activity within a strike price range from $32.5 to $55.0 in the last 30 days.

Microchip Technology Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Microchip Technology

Microchip Technology became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.

Following our analysis of the options activities associated with Microchip Technology, we pivot to a closer look at the company's own performance.

Current Position of Microchip Technology

• Trading volume stands at 2,152,190, with MCHP's price down by -1.63%, positioned at $46.35.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 14 days.

What Analysts Are Saying About Microchip Technology

3 market experts have recently issued ratings for this stock, with a consensus target price of $51.0.

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. * Maintaining their stance, an analyst from Stifel continues to hold a Buy rating for Microchip Technology, targeting a price of $60. * An analyst from Truist Securities persists with their Hold rating on Microchip Technology, maintaining a target price of $43. * An analyst from Citigroup has decided to maintain their Buy rating on Microchip Technology, which currently sits at a price target of $50.

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 Microchip Technology with Benzinga Pro for real-time alerts.