27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Someone with a lot of money to spend has taken a bearish stance on Atlassian (NASDAQ:TEAM).
And retail traders should know.
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We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with TEAM, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 35 uncommon options trades for Atlassian.
This isn't normal.
The overall sentiment of these big-money traders is split between 40% bullish and 60%, bearish.
Out of all of the special options we uncovered, 20 are puts, for a total amount of $1,131,622, and 15 are calls, for a total amount of $594,658.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $115.0 to $240.0 for Atlassian over the last 3 months.
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Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Atlassian options trades today is 324.62 with a total volume of 8,321.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Atlassian's big money trades within a strike price range of $115.0 to $240.0 over the last 30 days.
Atlassian Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| TEAM | PUT | TRADE | BEARISH | 06/16/23 | $160.00 | $214.2K | 642 | 87 |
| TEAM | PUT | SWEEP | BEARISH | 06/16/23 | $180.00 | $162.0K | 668 | 69 |
| TEAM | PUT | TRADE | BULLISH | 12/15/23 | $150.00 | $160.0K | 17 | 60 |
| TEAM | CALL | SWEEP | BEARISH | 05/12/23 | $135.00 | $98.7K | 85 | 1.2K |
| TEAM | PUT | TRADE | NEUTRAL | 05/19/23 | $135.00 | $76.7K | 304 | 487 |
Where Is Atlassian Standing Right Now?
- With a volume of 4,912,003, the price of TEAM is down -4.21% at $130.01.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 87 days.
What The Experts Say On Atlassian:
- Oppenheimer downgraded its action to Outperform with a price target of $200
- Keybanc has decided to maintain their Overweight rating on Atlassian, which currently sits at a price target of $187.
- Wells Fargo has decided to maintain their Overweight rating on Atlassian, which currently sits at a price target of $180.
- Mizuho has decided to maintain their Buy rating on Atlassian, which currently sits at a price target of $235.
- Mizuho has decided to maintain their Buy rating on Atlassian, which currently sits at a price target of $215.
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.
If you want to stay updated on the latest options trades for Atlassian, Benzinga Pro gives you real-time options trades alerts.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.