Deep-pocketed investors have adopted a bullish approach towards Alcoa AA, 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 AA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Alcoa. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 4 are puts, totaling $196,359, and 4 are calls, amounting to $357,983.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $25.0 and $40.0 for Alcoa, spanning the last three months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Alcoa's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Alcoa's significant trades, within a strike price range of $25.0 to $40.0, over the past month.
Alcoa Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AA | CALL | SWEEP | NEUTRAL | 06/21/24 | $1.42 | $1.3 | $1.3 | $40.00 | $255.3K | 5.4K | 2.2K |
| AA | PUT | SWEEP | BULLISH | 07/19/24 | $1.99 | $1.95 | $1.95 | $30.00 | $58.5K | 904 | 0 |
| AA | PUT | TRADE | BULLISH | 07/19/24 | $0.66 | $0.62 | $0.61 | $25.00 | $53.0K | 1.8K | 913 |
| AA | PUT | SWEEP | BEARISH | 01/17/25 | $2.14 | $2.13 | $2.14 | $25.00 | $42.8K | 14.7K | 200 |
| AA | PUT | TRADE | BEARISH | 01/17/25 | $2.11 | $2.05 | $2.11 | $25.00 | $41.9K | 14.7K | 399 |
About Alcoa
Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.
Having examined the options trading patterns of Alcoa, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Alcoa's Current Market Status
- Trading volume stands at 2,941,484, with AA's price down by -0.27%, positioned at $33.12.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 20 days.
What The Experts Say On Alcoa
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $32.0.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Neutral rating on Alcoa with a target price of $32.
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 Alcoa, Benzinga Pro gives you real-time options trades alerts.
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