Someone with a lot of money to spend has taken a bearish stance on Workday WDAY.
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 WDAY, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 12 uncommon options trades for Workday.
This isn't normal.
The overall sentiment of these big-money traders is split between 8% bullish and 91%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $145,599, and 10 are calls, for a total amount of $1,130,363.
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 $200.0 to $220.0 for Workday over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Workday options trades today is 419.4 with a total volume of 1,157.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Workday's big money trades within a strike price range of $200.0 to $220.0 over the last 30 days.
Workday 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 |
|---|---|---|---|---|---|---|---|---|
| WDAY | CALL | TRADE | BEARISH | 01/19/24 | $220.00 | $611.8K | 1.1K | 280 |
| WDAY | CALL | SWEEP | BEARISH | 06/21/24 | $220.00 | $188.4K | 424 | 62 |
| WDAY | PUT | SWEEP | BEARISH | 09/15/23 | $210.00 | $111.9K | 366 | 90 |
| WDAY | CALL | SWEEP | BEARISH | 06/21/24 | $220.00 | $94.2K | 424 | 62 |
| WDAY | CALL | TRADE | BEARISH | 06/09/23 | $200.00 | $47.5K | 55 | 41 |
Where Is Workday Standing Right Now?
- With a volume of 1,382,674, the price of WDAY is down -0.01% at $213.48.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 80 days.
What The Experts Say On Workday:
- Evercore ISI Group has decided to maintain their Outperform rating on Workday, which currently sits at a price target of $240.
- JMP Securities has decided to maintain their Market Outperform rating on Workday, which currently sits at a price target of $252.
- Baird has decided to maintain their Outperform rating on Workday, which currently sits at a price target of $245.
- BMO Capital has decided to maintain their Outperform rating on Workday, which currently sits at a price target of $240.
- Needham downgraded its action to Buy with a price target of $220
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 Workday, 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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