Investors with a lot of money to spend have taken a bullish stance on United Rentals (NYSE:URI).
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 URI, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for United Rentals.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 22%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $30,660, and 8, calls, for a total amount of $334,266.
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 $670.0 to $750.0 for United Rentals over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for United Rentals's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across United Rentals's significant trades, within a strike price range of $670.0 to $750.0, over the past month.
United Rentals 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| URI | CALL | TRADE | NEUTRAL | 09/27/24 | $25.3 | $18.9 | $22.3 | $730.00 | $66.9K | 31 | 35 |
| URI | CALL | SWEEP | BULLISH | 10/18/24 | $27.9 | $25.3 | $27.19 | $750.00 | $57.8K | 29 | 207 |
| URI | CALL | SWEEP | NEUTRAL | 10/18/24 | $26.6 | $25.6 | $26.03 | $750.00 | $54.4K | 29 | 174 |
| URI | CALL | SWEEP | NEUTRAL | 09/20/24 | $19.8 | $18.3 | $18.59 | $730.00 | $39.7K | 331 | 47 |
| URI | CALL | TRADE | BEARISH | 10/18/24 | $76.3 | $70.9 | $70.9 | $670.00 | $35.4K | 8 | 5 |
About United Rentals
United Rentals is the world's largest equipment rental company. It principally operates in the United States and Canada, where it commands approximately 15% share in a highly fragmented market. It serves three end markets: general industrial, commercial construction, and residential construction. Like its peers, United Rentals historically has provided its customers with equipment that was intermittently used, such as aerial equipment and portable generators. As the company has grown organically and through hundreds of acquisitions since it went public in 1997, its catalog (fleet size of $21 billion) now includes a range of specialty equipment and other items that can be rented for indefinite periods.
Following our analysis of the options activities associated with United Rentals, we pivot to a closer look at the company's own performance.
United Rentals's Current Market Status
- Currently trading with a volume of 169,080, the URI's price is down by 0.0%, now at $712.63.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 40 days.
Expert Opinions on United Rentals
In the last month, 1 experts released ratings on this stock with an average target price of $795.0.
- An analyst from Evercore ISI Group has decided to maintain their Outperform rating on United Rentals, which currently sits at a price target of $795.
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.
