Investors with a lot of money to spend have taken a bearish stance on AutoZone AZO.
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 AZO, 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 19 uncommon options trades for AutoZone.
This isn't normal.
The overall sentiment of these big-money traders is split between 31% bullish and 68%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $181,620, and 16 are calls, for a total amount of $1,681,629.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $1680.0 to $3200.0 for AutoZone during the past quarter.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in AutoZone's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to AutoZone's substantial trades, within a strike price spectrum from $1680.0 to $3200.0 over the preceding 30 days.
AutoZone Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| AZO | CALL | TRADE | NEUTRAL | 06/21/24 | $3200.00 | $380.0K | 106 | 110 |
| AZO | CALL | SWEEP | BULLISH | 12/15/23 | $2500.00 | $307.8K | 42 | 20 |
| AZO | CALL | SWEEP | BULLISH | 12/15/23 | $2660.00 | $289.8K | 77 | 67 |
| AZO | CALL | TRADE | NEUTRAL | 12/15/23 | $1680.00 | $98.1K | 0 | 3 |
| AZO | CALL | TRADE | BEARISH | 12/15/23 | $1680.00 | $98.1K | 0 | 2 |
About AutoZone
AutoZone Inc is the seller of aftermarket automotive parts, tools, and accessories to do-it-yourself customers in the United States. The company derives an increasing proportion of its sales from domestic commercial customers, although its presence in its home market is still dominated by its do-it-yourself operation, which accounts for around 70% of sales in country. AutoZone also has a growing presence in Mexico and Brazil. AutoZone had 6,943 stores in the U.S. (6,168), Mexico (703), and Brazil (72) as of the end of fiscal 2022.
After a thorough review of the options trading surrounding AutoZone, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
AutoZone's Current Market Status
- Currently trading with a volume of 118,226, the AZO's price is up by 0.41%, now at $2674.98.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 0 days.
What The Experts Say On AutoZone
2 market experts have recently issued ratings for this stock, with a consensus target price of $2841.5.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on AutoZone with a target price of $2933.
- An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $2750.
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 AutoZone, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
