Deep-pocketed investors have adopted a bullish approach towards General Electric GE, 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 GE usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for General Electric. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 53% leaning bullish and 46% bearish. Among these notable options, 10 are puts, totaling $483,092, and 3 are calls, amounting to $330,441.
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 $100.0 to $130.0 for General Electric over the last 3 months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for General Electric options trades today is 1246.75 with a total volume of 1,558.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for General Electric's big money trades within a strike price range of $100.0 to $130.0 over the last 30 days.
General Electric Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| GE | CALL | TRADE | BEARISH | 12/01/23 | $104.00 | $175.4K | 116 | 111 |
| GE | CALL | SWEEP | BULLISH | 01/19/24 | $120.00 | $121.9K | 5.1K | 368 |
| GE | PUT | SWEEP | BULLISH | 01/17/25 | $120.00 | $64.8K | 494 | 61 |
| GE | PUT | SWEEP | BEARISH | 03/15/24 | $120.00 | $49.9K | 904 | 90 |
| GE | PUT | SWEEP | BEARISH | 03/15/24 | $120.00 | $49.9K | 904 | 90 |
About General Electric
GE was formed through the combination of two companies in 1892, including one with historical ties to American inventor Thomas Edison. Today, GE is a global leader in air travel and in the energy transition. The company is known for its differentiated technology and its massive industrial installed base of equipment sprawled throughout the world. That installed base most notably includes aerospace engines, gas and steam turbines, and onshore and offshore wind turbines. GE earns most of its profits on the service revenue of that equipment, which is generally higher-margin. The company is led by Danaher alumnus Larry Culp, who is leading a multiyear turnaround of the conglomerate based on lean principles.
After a thorough review of the options trading surrounding General Electric, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of General Electric
- Trading volume stands at 3,043,642, with GE's price up by 0.28%, positioned at $119.19.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 54 days.
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 General Electric, 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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