Western Digital Unusual Options Activity

High-rolling investors have positioned themselves bearish on Western Digital WDC, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in WDC often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 10 options trades for Western Digital. This is not a typical pattern.

The sentiment among these major traders is split, with 40% bullish and 60% bearish. Among all the options we identified, there was one put, amounting to $36,839, and 9 calls, totaling $1,011,521.

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What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $55.0 and $75.0 for Western Digital, spanning the last three months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Western Digital'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 Western Digital's whale activity within a strike price range from $55.0 to $75.0 in the last 30 days.

Western Digital 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

After a thorough review of the options trading surrounding Western Digital, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Western Digital Standing Right Now?

• Trading volume stands at 2,348,623, with WDC's price down by -1.29%, positioned at $62.19.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 56 days.

What Analysts Are Saying About Western Digital

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $66.66666666666667.

• Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $70.
• Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Western Digital with a target price of $65.
• Maintaining their stance, an analyst from Rosenblatt continues to hold a Neutral rating for Western Digital, targeting a price of $65.

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.