Whales with a lot of money to spend have taken a noticeably bearish stance on Cummins.
Looking at options history for Cummins CMI we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 40% of the investors opened trades with bullish expectations and 60% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $14,194,835 and 6, calls, for a total amount of $247,356.
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Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $240.0 and $330.0 for Cummins, spanning the last 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 Cummins's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Cummins's substantial trades, within a strike price spectrum from $240.0 to $330.0 over the preceding 30 days.
Cummins Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CMI | PUT | TRADE | BULLISH | 03/15/24 | $330.00 | $14.0M | 24.5K | 0 |
| CMI | CALL | TRADE | NEUTRAL | 03/15/24 | $250.00 | $83.0K | 1.4K | 64 |
| CMI | PUT | SWEEP | BULLISH | 03/15/24 | $250.00 | $75.8K | 1.1K | 410 |
| CMI | PUT | TRADE | BEARISH | 03/15/24 | $330.00 | $66.5K | 24.5K | 13.7K |
| CMI | PUT | TRADE | BEARISH | 03/15/24 | $250.00 | $52.5K | 1.1K | 720 |
About Cummins
Cummins is the top manufacturer of diesel engines used in commercial trucks, off-highway equipment, and railroad locomotives, in addition to standby and prime power generators. The company also sells powertrain components, which include transmissions, turbochargers, aftertreatment systems, and fuel systems. Cummins is in the unique position of competing with its primary customers, heavy-duty truck manufacturers, who make and aggressively market their own engines. Despite robust competition across all its segments and increasing government regulation of carbon emissions, Cummins has maintained its leadership position in the industry.
After a thorough review of the options trading surrounding Cummins, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Cummins's Current Market Status
- With a trading volume of 2,028,319, the price of CMI is up by 1.79%, reaching $265.12.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 75 days from now.
What The Experts Say On Cummins
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $251.66666666666666.
- Reflecting concerns, an analyst from B of A Securities lowers its rating to Underperform with a new price target of $225.
- An analyst from JP Morgan persists with their Underweight rating on Cummins, maintaining a target price of $245.
- Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for Cummins, targeting a price of $285.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cummins with Benzinga Pro for real-time alerts.
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