Deep-pocketed investors have adopted a bullish approach towards Elastic ESTC, 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 ESTC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 18 extraordinary options activities for Elastic. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 44% bearish. Among these notable options, 3 are puts, totaling $106,992, and 15 are calls, amounting to $623,730.
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 $150.0 for Elastic over the last 3 months.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Elastic's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Elastic's substantial trades, within a strike price spectrum from $100.0 to $150.0 over the preceding 30 days.
Elastic 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ESTC | CALL | SWEEP | BULLISH | 05/17/24 | $120.00 | $92.4K | 236 | 66 |
| ESTC | CALL | TRADE | BEARISH | 02/16/24 | $120.00 | $66.0K | 917 | 170 |
| ESTC | CALL | TRADE | BULLISH | 03/15/24 | $150.00 | $44.0K | 14 | 200 |
| ESTC | CALL | TRADE | BEARISH | 06/21/24 | $115.00 | $42.2K | 534 | 40 |
| ESTC | CALL | TRADE | BEARISH | 06/21/24 | $115.00 | $42.2K | 534 | 20 |
About Elastic
Elastic is a software company based in Mountain View, California, focusing on search-adjacent products. Its search engine allows it to process both structured and unstructured data while gleaning insights from that data. The firm's primary focus is on enterprise search, observability, and security.
Having examined the options trading patterns of Elastic, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Elastic
- Currently trading with a volume of 1,033,711, the ESTC's price is up by 1.91%, now at $122.63.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 38 days.
What Analysts Are Saying About Elastic
2 market experts have recently issued ratings for this stock, with a consensus target price of $120.0.
- An analyst from Truist Securities persists with their Buy rating on Elastic, maintaining a target price of $130.
- Reflecting concerns, an analyst from Barclays lowers its rating to Equal-Weight with a new price target of $110.
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 Elastic with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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