Deep-pocketed investors have adopted a bearish approach towards Wingstop WING, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in WING usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Wingstop. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 27% leaning bullish and 72% bearish. Among these notable options, 3 are puts, totaling $165,470, and 8 are calls, amounting to $486,096.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $85.0 to $380.0 for Wingstop over the last 3 months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Wingstop's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Wingstop's significant trades, within a strike price range of $85.0 to $380.0, over the past month.
Wingstop Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WING | CALL | TRADE | BULLISH | 04/19/24 | $6.0 | $5.5 | $5.9 | $380.00 | $118.0K | 693 | 284 |
| WING | CALL | TRADE | BEARISH | 01/17/25 | $117.4 | $114.6 | $115.53 | $280.00 | $103.9K | 344 | 9 |
| WING | PUT | SWEEP | BEARISH | 05/17/24 | $21.9 | $21.6 | $21.9 | $360.00 | $72.2K | 68 | 37 |
| WING | CALL | TRADE | BULLISH | 06/21/24 | $34.5 | $32.5 | $34.5 | $370.00 | $69.0K | 108 | 0 |
| WING | CALL | TRADE | BEARISH | 07/19/24 | $39.8 | $39.2 | $39.4 | $360.00 | $59.1K | 334 | 18 |
About Wingstop
Founded in 1994 in Garland, Texas, Wingstop is a restaurant operator specializing in indulgent bone-in and boneless chicken wings, chicken tenders, fries, and, recently, chicken sandwiches. The firm's footprint has grown quickly since its inception, reaching north of 2,200 global stores at the end of 2023, rendering Wingstop the 31st-largest restaurant brand in the U.S. by system sales, according to Euromonitor data. With a 98% franchised model, Wingstop generates the lion share of its revenue from franchise royalties and advertising fees, with the remainder derived from a small footprint of company-owned stores.
Following our analysis of the options activities associated with Wingstop, we pivot to a closer look at the company's own performance.
Current Position of Wingstop
- With a volume of 193,870, the price of WING is up 0.43% at $371.99.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 27 days.
What The Experts Say On Wingstop
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $336.3333333333333.
- An analyst from TD Cowen has decided to maintain their Outperform rating on Wingstop, which currently sits at a price target of $410.
- An analyst from Truist Securities has decided to maintain their Hold rating on Wingstop, which currently sits at a price target of $292.
- An analyst from Truist Securities has decided to maintain their Hold rating on Wingstop, which currently sits at a price target of $307.
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 Wingstop, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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