27% profits every 20 days?
This is what Nic Chahine averages with his options 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.
Investors with a lot of money to spend have taken a bearish stance on Western Digital (NASDAQ:WDC).
And retail traders should know.
We noticed this today when the trades 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 WDC, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 22 uncommon options trades for Western Digital.
This isn't normal.
The overall sentiment of these big-money traders is split between 31% bullish and 68%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $122,373, and 19 are calls, for a total amount of $1,110,014.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $85.0 for Western Digital over the recent three months.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Western Digital's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Western Digital's substantial trades, within a strike price spectrum from $50.0 to $85.0 over the preceding 30 days.
Western Digital 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDC | CALL | SWEEP | BULLISH | 05/17/24 | $6.25 | $5.55 | $5.55 | $70.00 | $145.4K | 7.5K | 3 |
| WDC | CALL | TRADE | BEARISH | 05/17/24 | $5.7 | $5.65 | $5.65 | $70.00 | $134.4K | 7.5K | 265 |
| WDC | CALL | TRADE | NEUTRAL | 05/17/24 | $5.85 | $5.75 | $5.8 | $70.00 | $104.4K | 7.5K | 503 |
| WDC | CALL | SWEEP | BEARISH | 06/21/24 | $24.1 | $23.6 | $23.6 | $50.00 | $87.3K | 2.3K | 300 |
| WDC | CALL | TRADE | BULLISH | 06/21/24 | $4.0 | $2.97 | $3.8 | $77.50 | $76.0K | 368 | 0 |
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.
In light of the recent options history for Western Digital, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Western Digital Standing Right Now?
- Currently trading with a volume of 3,415,477, the WDC's price is up by 0.01%, now at $72.26.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 14 days.
Professional Analyst Ratings for Western Digital
5 market experts have recently issued ratings for this stock, with a consensus target price of $94.6.
- Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Western Digital, targeting a price of $80.
- An analyst from Susquehanna persists with their Neutral rating on Western Digital, maintaining a target price of $83.
- In a positive move, an analyst from Rosenblatt has upgraded their rating to Buy and adjusted the price target to $115.
- Maintaining their stance, an analyst from Cantor Fitzgerald continues to hold a Overweight rating for Western Digital, targeting a price of $100.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Western Digital, which currently sits at a price target of $95.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Western Digital options trades with real-time alerts from Benzinga Pro.
27% profits every 20 days?
This is what Nic Chahine averages with his options 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.
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