Deep-pocketed investors have adopted a bullish approach towards Western Digital (NASDAQ:WDC), 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 WDC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 38 extraordinary options activities for Western Digital. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 52% leaning bullish and 28% bearish. Among these notable options, 13 are puts, totaling $891,097, and 25 are calls, amounting to $1,657,608.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $57.5 to $80.0 for Western Digital over the recent three months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Western Digital's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Western Digital's significant trades, within a strike price range of $57.5 to $80.0, over the past month.
Western Digital Option Activity Analysis: 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDC | CALL | SWEEP | NEUTRAL | 01/16/26 | $12.8 | $11.7 | $12.7 | $70.00 | $411.5K | 2.0K | 326 |
| WDC | PUT | TRADE | BEARISH | 08/16/24 | $2.98 | $2.89 | $2.96 | $65.00 | $296.0K | 1.8K | 1.1K |
| WDC | CALL | TRADE | BULLISH | 08/16/24 | $0.46 | $0.36 | $0.43 | $77.50 | $154.3K | 7.4K | 3.6K |
| WDC | PUT | SWEEP | BULLISH | 08/02/24 | $3.65 | $3.55 | $3.6 | $68.00 | $151.2K | 4.0K | 0 |
| WDC | CALL | SWEEP | BEARISH | 08/09/24 | $1.28 | $1.2 | $1.3 | $70.00 | $128.9K | 41 | 1.0K |
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
Present Market Standing of Western Digital
- Trading volume stands at 9,717,516, with WDC's price up by 6.13%, positioned at $67.05.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 0 days.
What The Experts Say On Western Digital
In the last month, 3 experts released ratings on this stock with an average target price of $93.33333333333333.
- Maintaining their stance, an analyst from Wedbush continues to hold a Outperform rating for Western Digital, targeting a price of $95.
- An analyst from Citigroup has decided to maintain their Buy rating on Western Digital, which currently sits at a price target of $95.
- An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Western Digital, which currently sits at a price target of $90.
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.