Someone with a lot of money to spend has taken a bearish stance on Charter Communications CHTR.
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CHTR, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 11 options trades for Charter Communications.
This isn't normal.
The overall sentiment of these big-money traders is split between 27% bullish and 72%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $49,800, and 10, calls, for a total amount of $304,290..
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 $340.0 to $370.0 for Charter Communications over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Charter Communications options trades today is 307.8 with a total volume of 560.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Charter Communications's big money trades within a strike price range of $340.0 to $370.0 over the last 30 days.
Charter Communications Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CHTR | PUT | TRADE | NEUTRAL | 06/16/23 | $350.00 | $49.8K | 482 | 31 |
| CHTR | CALL | TRADE | BEARISH | 05/19/23 | $340.00 | $40.2K | 788 | 46 |
| CHTR | CALL | TRADE | BULLISH | 08/18/23 | $350.00 | $35.6K | 34 | 39 |
| CHTR | CALL | TRADE | BULLISH | 08/18/23 | $350.00 | $35.1K | 34 | 82 |
| CHTR | CALL | SWEEP | BEARISH | 08/18/23 | $350.00 | $31.6K | 34 | 39 |
Where Is Charter Communications Standing Right Now?
- With a volume of 1,001,963, the price of CHTR is up 1.5% at $343.61.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 71 days.
What The Experts Say On Charter Communications:
- Morgan Stanley has decided to maintain their Equal-Weight rating on Charter Communications, which currently sits at a price target of $420.
- Credit Suisse downgraded its action to Outperform with a price target of $606
- Benchmark has decided to maintain their Buy rating on Charter Communications, which currently sits at a price target of $575.
- TD Cowen has decided to maintain their Outperform rating on Charter Communications, which currently sits at a price target of $571.
- Deutsche Bank has decided to maintain their Hold rating on Charter Communications, which currently sits at a price target of $400.
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 Charter Communications, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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