Deep-pocketed investors have adopted a bearish approach towards Analog Devices (NASDAQ:ADI), 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 ADI usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Analog Devices. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 28% leaning bullish and 57% bearish. Among these notable options, 5 are puts, totaling $1,334,929, and 9 are calls, amounting to $471,699.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $260.0 for Analog Devices over the recent three months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Analog Devices's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Analog Devices's substantial trades, within a strike price spectrum from $200.0 to $260.0 over the preceding 30 days.
Analog Devices Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ADI | PUT | SWEEP | BEARISH | 08/16/24 | $6.9 | $6.7 | $6.9 | $230.00 | $517.5K | 611408 | |
| ADI | PUT | SWEEP | BEARISH | 08/16/24 | $7.5 | $7.2 | $7.5 | $230.00 | $374.1K | 6111.1K | |
| ADI | PUT | SWEEP | BEARISH | 08/16/24 | $6.8 | $6.6 | $6.8 | $230.00 | $270.6K | 61110 | |
| ADI | PUT | SWEEP | BEARISH | 08/16/24 | $7.5 | $7.4 | $7.5 | $230.00 | $139.3K | 6111.1K | |
| ADI | CALL | SWEEP | BEARISH | 08/16/24 | $2.3 | $2.2 | $2.2 | $250.00 | $106.4K | 4524 |
About Analog Devices
Analog Devices is a leading analog, mixed signal, and digital signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers, and more than half of its chip sales are made to industrial and automotive end markets. Analog Devices' chips are also incorporated into wireless infrastructure equipment.
Present Market Standing of Analog Devices
- Currently trading with a volume of 1,283,699, the ADI's price is up by 0.68%, now at $228.23.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 54 days.
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.