Deep-pocketed investors have adopted a bearish approach towards Stryker SYK, 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 SYK usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Stryker. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 3 are puts, totaling $89,974, and 6 are calls, amounting to $352,340.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $280.0 to $300.0 for Stryker over the recent three months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Stryker options trades today is 656.6 with a total volume of 1,888.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Stryker's big money trades within a strike price range of $280.0 to $300.0 over the last 30 days.
Stryker 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SYK | CALL | TRADE | NEUTRAL | 01/19/24 | $290.00 | $110.7K | 515 | 156 |
| SYK | CALL | SWEEP | BEARISH | 01/19/24 | $300.00 | $105.6K | 2.5K | 541 |
| SYK | CALL | SWEEP | BULLISH | 02/16/24 | $290.00 | $41.5K | 16 | 1 |
| SYK | CALL | SWEEP | BULLISH | 01/19/24 | $300.00 | $37.7K | 2.5K | 201 |
| SYK | PUT | TRADE | BEARISH | 02/16/24 | $290.00 | $32.0K | 7 | 46 |
About Stryker
Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, endoscopy systems, operating room equipment, embolic coils, hospital beds and gurneys, and spinal devices. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Just over one fourth of Stryker's total revenue currently comes from outside the United States.
Following our analysis of the options activities associated with Stryker, we pivot to a closer look at the company's own performance.
Present Market Standing of Stryker
- With a trading volume of 779,644, the price of SYK is up by 0.58%, reaching $291.82.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 43 days from now.
Professional Analyst Ratings for Stryker
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $320.0.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Stryker, maintaining a target price of $320.
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 Stryker with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
