Someone with a lot of money to spend has taken a bearish stance on Elevance Health ELV.
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 ELV, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 17 options trades for Elevance Health.
This isn't normal.
The overall sentiment of these big-money traders is split between 35% bullish and 64%, bearish.
Out of all of the options we uncovered, 16 are puts, for a total amount of $889,587, and there was 1 call, for a total amount of $26,600.
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 $440.0 to $460.0 for Elevance Health over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Elevance Health options trades today is 50.5 with a total volume of 1,970.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Elevance Health's big money trades within a strike price range of $440.0 to $460.0 over the last 30 days.
Elevance Health 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 |
|---|---|---|---|---|---|---|---|---|
| ELV | PUT | SWEEP | BULLISH | 03/15/24 | $460.00 | $133.6K | 31 | 91 |
| ELV | PUT | SWEEP | BULLISH | 03/15/24 | $460.00 | $89.8K | 31 | 0 |
| ELV | PUT | TRADE | BULLISH | 03/15/24 | $460.00 | $65.2K | 31 | 151 |
| ELV | PUT | TRADE | NEUTRAL | 03/15/24 | $460.00 | $64.6K | 31 | 216 |
| ELV | PUT | TRADE | BEARISH | 03/15/24 | $460.00 | $60.9K | 31 | 28 |
Ready to win big? Discover the #1 strategy for trading options in today's unpredictable market... with potential gains of 44%, 125% and even 411% every month on average. Starting at only $1 a day. Click here now.
Where Is Elevance Health Standing Right Now?
- With a volume of 595,625, the price of ELV is down -0.89% at $442.67.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 83 days.
What The Experts Say On Elevance Health:
- Cantor Fitzgerald downgraded its action to Overweight with a price target of $547
- Morgan Stanley has decided to maintain their Overweight rating on Elevance Health, which currently sits at a price target of $587.
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 Elevance Health, Benzinga Pro gives you real-time options trades 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.
