Western Digital Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Western Digital WDC.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WDC, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 13 uncommon options trades for Western Digital.

This isn't normal.

The overall sentiment of these big-money traders is split between 46% bullish and 46%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $202,920, and 10 are calls, for a total amount of $484,993.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $60.0 to $80.0 for Western Digital over the recent three months.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of Western Digital stands at 2574.6, with a total volume reaching 1,772.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Western Digital, situated within the strike price corridor from $60.0 to $80.0, throughout the last 30 days.

Western Digital 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

About Western Digital

Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.

Having examined the options trading patterns of Western Digital, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Western Digital Standing Right Now?

• With a volume of 3,448,062, the price of WDC is down -0.58% at $72.54.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 7 days.

Professional Analyst Ratings for Western Digital

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $93.33333333333333.

• Maintaining their stance, an analyst from Evercore ISI Group continues to hold a Outperform rating for Western Digital, targeting a price of $90.
• Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Western Digital with a target price of $95.
• An analyst from Wedbush persists with their Outperform rating on Western Digital, maintaining a target price of $95.

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 Western Digital with Benzinga Pro for real-time alerts.