Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Someone with a lot of money to spend has taken a bearish stance on Microchip Technology (NASDAQ:MCHP).
And retail traders should know.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
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 MCHP, 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 10 uncommon options trades for Microchip Technology.
This isn't normal.
The overall sentiment of these big-money traders is split between 20% bullish and 80%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $409,518, and 4 are calls, for a total amount of $378,605.
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 $80.0 to $90.0 for Microchip Technology over the last 3 months.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Microchip Technology's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Microchip Technology's whale trades within a strike price range from $80.0 to $90.0 in the last 30 days.
Microchip Technology 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 |
|---|---|---|---|---|---|---|---|---|
| MCHP | CALL | TRADE | BEARISH | 01/19/24 | $90.00 | $168.0K | 1.5K | 350 |
| MCHP | PUT | TRADE | NEUTRAL | 07/21/23 | $80.00 | $147.0K | 712 | 322 |
| MCHP | PUT | SWEEP | BEARISH | 10/18/24 | $85.00 | $110.8K | 0 | 73 |
| MCHP | CALL | SWEEP | BULLISH | 10/18/24 | $90.00 | $86.4K | 7 | 91 |
| MCHP | CALL | SWEEP | BULLISH | 10/18/24 | $85.00 | $83.3K | 4 | 75 |
Where Is Microchip Technology Standing Right Now?
- With a volume of 3,561,284, the price of MCHP is up 6.46% at $78.93.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 67 days.
What The Experts Say On Microchip Technology:
- Stifel has decided to maintain their Equal-Weight rating on Microchip Technology, which currently sits at a price target of $95.
- Wells Fargo has decided to maintain their Equal-Weight rating on Microchip Technology, which currently sits at a price target of $80.
- Citigroup has decided to maintain their Neutral rating on Microchip Technology, which currently sits at a price target of $76.
- Keybanc has decided to maintain their Overweight rating on Microchip Technology, which currently sits at a price target of $95.
- Truist Securities has decided to maintain their Buy rating on Microchip Technology, which currently sits at a price target of $95.
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 Microchip Technology, Benzinga Pro gives you real-time options trades alerts.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.