Investors with a lot of money to spend have taken a bearish stance on Micron Technology (NASDAQ:MU).
And retail traders should know.
We noticed this today when the positions 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 MU, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 16 options trades for Micron Technology.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $28,375, and 15, calls, for a total amount of $1,225,952.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $130.0 for Micron Technology over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Micron Technology stands at 6028.09, with a total volume reaching 6,009.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Micron Technology, situated within the strike price corridor from $70.0 to $130.0, throughout the last 30 days.
Micron Technology Option Volume And Open Interest Over 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MU | CALL | SWEEP | BULLISH | 09/20/24 | $4.3 | $4.2 | $4.3 | $110.00 | $567.4K | 12.5K | 1.3K |
| MU | CALL | TRADE | BEARISH | 09/06/24 | $28.45 | $27.7 | $27.7 | $80.00 | $138.5K | 110 | 50 |
| MU | CALL | SWEEP | BEARISH | 10/18/24 | $5.8 | $5.75 | $5.8 | $115.00 | $80.6K | 5.8K | 356 |
| MU | CALL | TRADE | BULLISH | 01/17/25 | $18.1 | $17.8 | $18.1 | $100.00 | $45.2K | 9.4K | 26 |
| MU | CALL | TRADE | BEARISH | 01/17/25 | $19.8 | $18.0 | $18.0 | $100.00 | $45.0K | 9.4K | 26 |
About Micron Technology
Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips. Micron serves a global customer base, selling chips into data centers, mobile phones, consumer electronics, and industrial and automotive applications. The firm is vertically integrated.
Present Market Standing of Micron Technology
- Currently trading with a volume of 2,859,441, the MU's price is down by -1.23%, now at $106.66.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 35 days.
Professional Analyst Ratings for Micron Technology
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $145.0.
- An analyst from Keybanc has decided to maintain their Overweight rating on Micron Technology, which currently sits at a price target of $145.
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.