Deep-pocketed investors have adopted a bullish approach towards Home Depot HD, 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 HD 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 Home Depot. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 37% bearish. Among these notable options, 2 are puts, totaling $179,390, and 6 are calls, amounting to $241,399.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $350.0 to $490.0 for Home Depot over the recent three 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 Home Depot's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Home Depot's substantial trades, within a strike price spectrum from $350.0 to $490.0 over the preceding 30 days.
Home Depot 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HD | PUT | TRADE | BULLISH | 09/20/24 | $121.85 | $119.55 | $119.56 | $490.00 | $119.5K | 17 | 10 |
| HD | PUT | TRADE | BULLISH | 09/20/24 | $121.7 | $119.65 | $119.66 | $490.00 | $59.8K | 17 | 15 |
| HD | CALL | TRADE | BEARISH | 09/06/24 | $20.35 | $20.0 | $20.0 | $350.00 | $50.0K | 4 | 55 |
| HD | CALL | TRADE | NEUTRAL | 09/06/24 | $20.1 | $19.25 | $19.7 | $350.00 | $49.2K | 4 | 30 |
| HD | CALL | TRADE | BEARISH | 09/06/24 | $5.85 | $5.25 | $5.25 | $370.00 | $42.0K | 278 | 82 |
About Home Depot
Home Depot is the world's largest home improvement specialty retailer, operating more than 2,300 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer numerous building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The additions of the Company Store brought textiles to the lineup, and Redi Carpet added multifamily flooring, while the recent tie-up with SRS will help grow professional demand.
Having examined the options trading patterns of Home Depot, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Home Depot's Current Market Status
- With a volume of 1,088,170, the price of HD is down -0.18% at $369.76.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 75 days.
What Analysts Are Saying About Home Depot
In the last month, 5 experts released ratings on this stock with an average target price of $376.2.
- An analyst from JP Morgan persists with their Overweight rating on Home Depot, maintaining a target price of $400.
- An analyst from Loop Capital persists with their Hold rating on Home Depot, maintaining a target price of $330.
- An analyst from Truist Securities has decided to maintain their Buy rating on Home Depot, which currently sits at a price target of $396.
- Maintaining their stance, an analyst from Telsey Advisory Group continues to hold a Market Perform rating for Home Depot, targeting a price of $360.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Home Depot with a target price of $395.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Home Depot options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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