Deep-pocketed investors have adopted a bearish approach towards Qualcomm QCOM, 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 QCOM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Qualcomm. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 41% bearish. Among these notable options, 2 are puts, totaling $190,984, and 10 are calls, amounting to $650,415.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $140.0 to $200.0 for Qualcomm over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Qualcomm stands at 1159.7, with a total volume reaching 2,469.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Qualcomm, situated within the strike price corridor from $140.0 to $200.0, throughout the last 30 days.
Qualcomm 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| QCOM | CALL | TRADE | BULLISH | 06/21/24 | $29.65 | $29.35 | $29.65 | $165.00 | $142.3K | 1.7K | 60 |
| QCOM | CALL | TRADE | NEUTRAL | 01/16/26 | $38.0 | $37.25 | $37.6 | $190.00 | $112.8K | 299 | 30 |
| QCOM | PUT | SWEEP | BEARISH | 05/24/24 | $2.26 | $2.25 | $2.25 | $192.50 | $112.7K | 428 | 773 |
| QCOM | CALL | TRADE | BULLISH | 01/16/26 | $37.35 | $33.9 | $37.35 | $195.00 | $97.1K | 264 | 26 |
| QCOM | PUT | SWEEP | BEARISH | 05/24/24 | $2.46 | $2.45 | $2.46 | $192.50 | $78.2K | 428 | 1.0K |
About Qualcomm
Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets.
Following our analysis of the options activities associated with Qualcomm, we pivot to a closer look at the company's own performance.
Qualcomm's Current Market Status
- Trading volume stands at 1,043,138, with QCOM's price down by -0.66%, positioned at $193.33.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 76 days.
Professional Analyst Ratings for Qualcomm
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $188.0.
- An analyst from Piper Sandler persists with their Overweight rating on Qualcomm, maintaining a target price of $185.
- An analyst from HSBC has decided to maintain their Buy rating on Qualcomm, which currently sits at a price target of $190.
- Maintaining their stance, an analyst from Argus Research continues to hold a Buy rating for Qualcomm, targeting a price of $205.
- An analyst from B of A Securities has decided to maintain their Buy rating on Qualcomm, which currently sits at a price target of $180.
- An analyst from Mizuho has decided to maintain their Buy rating on Qualcomm, which currently sits at a price target of $180.
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 Qualcomm with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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