High-rolling investors have positioned themselves bullish on Eaton Corp ETN, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ETN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Eaton Corp. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 30% bearish. Among all the options we identified, there was one put, amounting to $30,140, and 9 calls, totaling $389,294.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $310.0 to $370.0 for Eaton Corp over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Eaton Corp's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Eaton Corp's whale trades within a strike price range from $310.0 to $370.0 in the last 30 days.
Eaton Corp Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | CALL | SWEEP | BULLISH | 09/20/24 | $6.3 | $6.2 | $6.3 | $370.00 | $63.0K | 301 | 0 |
| ETN | CALL | TRADE | BEARISH | 06/21/24 | $4.9 | $2.2 | $2.8 | $330.00 | $53.4K | 3.6K | 9 |
| ETN | CALL | TRADE | BEARISH | 01/16/26 | $54.0 | $53.0 | $53.0 | $330.00 | $53.0K | 36 | 0 |
| ETN | CALL | TRADE | BEARISH | 07/19/24 | $16.6 | $16.2 | $16.2 | $320.00 | $48.6K | 2.2K | 1 |
| ETN | CALL | SWEEP | BULLISH | 07/19/24 | $6.6 | $6.3 | $6.57 | $340.00 | $47.2K | 666 | 111 |
About Eaton Corp
Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical Americas, electrical global, aerospace, vehicle, and eMobility. Eaton's portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton's electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment with its Ireland domicile, most of its operations are in the US.
Following our analysis of the options activities associated with Eaton Corp, we pivot to a closer look at the company's own performance.
Current Position of Eaton Corp
- With a trading volume of 773,779, the price of ETN is up by 0.82%, reaching $321.79.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 48 days from now.
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 Eaton Corp, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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