Alcoa's Options: A Look at What the Big Money is Thinking

Financial giants have made a conspicuous bullish move on Alcoa. Our analysis of options history for Alcoa AA revealed 20 unusual trades.

Delving into the details, we found 60% of traders were bullish, while 30% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $181,431, and 15 were calls, valued at $1,228,600.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $45.0 for Alcoa during the past quarter.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Alcoa stands at 4947.45, with a total volume reaching 13,105.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Alcoa, situated within the strike price corridor from $25.0 to $45.0, throughout the last 30 days.

Alcoa 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
AA CALL SWEEP NEUTRAL 05/17/24 $2.44 $1.99 $2.2 $37.50 $260.2K 5.7K 3.1K
AA CALL SWEEP BULLISH 05/17/24 $2.39 $2.32 $2.35 $37.50 $246.8K 5.7K 1.3K
AA CALL TRADE BULLISH 06/21/24 $5.25 $5.2 $5.25 $35.00 $105.0K 6.2K 329
AA CALL SWEEP BULLISH 09/20/24 $4.75 $4.7 $4.75 $40.00 $88.8K 7.6K 933
AA CALL SWEEP BULLISH 09/20/24 $4.85 $4.8 $4.85 $40.00 $82.4K 7.6K 317

About Alcoa

Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.

Current Position of Alcoa

  • With a trading volume of 4,645,626, the price of AA is up by 7.3%, reaching $39.83.
  • Current RSI values indicate that the stock is may be approaching overbought.
  • Next earnings report is scheduled for 65 days from now.

What Analysts Are Saying About Alcoa

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $36.9.

  • An analyst from BMO Capital persists with their Market Perform rating on Alcoa, maintaining a target price of $37.
  • Maintaining their stance, an analyst from B. Riley Securities continues to hold a Neutral rating for Alcoa, targeting a price of $31.
  • An analyst from Morgan Stanley has elevated its stance to Equal-Weight, setting a new price target at $36.
  • Consistent in their evaluation, an analyst from UBS keeps a Sell rating on Alcoa with a target price of $32.
  • An analyst from Jefferies has decided to maintain their Buy rating on Alcoa, which currently sits at a price target of $48.

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 Alcoa options trades with real-time alerts from Benzinga Pro.

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Posted In: OptionsMarketsBZI-UOA
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