Deep-pocketed investors have adopted a bearish approach towards Advance Auto Parts AAP, 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 AAP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Advance Auto Parts. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 4 are puts, totaling $202,380, and 5 are calls, amounting to $331,275.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $62.5 to $100.0 for Advance Auto Parts over the recent three months.
Analyzing Volume & Open Interest
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 Advance Auto Parts'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 Advance Auto Parts's whale trades within a strike price range from $62.5 to $100.0 in the last 30 days.
Advance Auto Parts 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAP | CALL | TRADE | BULLISH | 09/20/24 | $1.82 | $1.73 | $1.8 | $100.00 | $126.0K | 663 | 1 |
| AAP | CALL | TRADE | BEARISH | 06/21/24 | $9.8 | $9.65 | $9.65 | $65.00 | $96.5K | 678 | 102 |
| AAP | PUT | TRADE | NEUTRAL | 04/26/24 | $6.1 | $5.75 | $5.9 | $77.00 | $54.8K | 280 | 25 |
| AAP | PUT | SWEEP | BULLISH | 06/21/24 | $5.5 | $5.35 | $5.4 | $70.00 | $54.0K | 1.2K | 219 |
| AAP | PUT | SWEEP | BULLISH | 06/21/24 | $5.05 | $4.9 | $4.92 | $70.00 | $49.3K | 1.2K | 100 |
About Advance Auto Parts
Advance Auto Parts is one of the industry's retailers of aftermarket automotive parts, tools, and accessories to do-it-yourself customers and third-party vehicle repair facilities in North America. Advance operated 5,086 stores as of the end of 2022, in addition to servicing 1,311 independently owned Carquest stores. The company's Worldpac chain is a distributor of imported original equipment parts.
Having examined the options trading patterns of Advance Auto Parts, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Advance Auto Parts's Current Market Status
- With a volume of 1,396,609, the price of AAP is down -0.6% at $70.08.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 44 days.
Professional Analyst Ratings for Advance Auto Parts
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $77.0.
- Reflecting concerns, an analyst from Mizuho lowers its rating to Neutral with a new price target of $78.
- Consistent in their evaluation, an analyst from Evercore ISI Group keeps a In-Line rating on Advance Auto Parts with a target price of $83.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Hold rating on Advance Auto Parts with a target price of $70.
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 Advance Auto Parts, Benzinga Pro gives you real-time options trades alerts.
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