Deep-pocketed investors have adopted a bullish approach towards NEXTracker NXT, 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 NXT usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 26 extraordinary options activities for NEXTracker. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 42% bearish. Among these notable options, 3 are puts, totaling $114,450, and 23 are calls, amounting to $1,658,849.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $70.0 for NEXTracker over the last 3 months.
Volume & Open Interest Development
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 NEXTracker'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 NEXTracker's whale activity within a strike price range from $40.0 to $70.0 in the last 30 days.
NEXTracker Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NXT | CALL | TRADE | BULLISH | 06/21/24 | $2.3 | $2.15 | $2.3 | $55.00 | $450.1K | 3.0K | 3.3K |
| NXT | CALL | SWEEP | BEARISH | 10/18/24 | $8.2 | $8.1 | $8.1 | $45.00 | $162.0K | 629 | 202 |
| NXT | CALL | TRADE | BEARISH | 08/16/24 | $2.95 | $2.65 | $2.75 | $60.00 | $137.5K | 623 | 836 |
| NXT | CALL | SWEEP | BULLISH | 08/16/24 | $5.3 | $4.9 | $5.2 | $55.00 | $104.5K | 2.1K | 2.3K |
| NXT | CALL | SWEEP | BULLISH | 07/19/24 | $1.9 | $1.8 | $1.85 | $55.00 | $97.8K | 262 | 668 |
About NEXTracker
Nextracker (and its subsidiaries) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextracker's products enable solar panels in utility-scale power plants to follow the sun's movement across the sky and optimize plant performance. Nextracker has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa, and Brazil.
Current Position of NEXTracker
- Currently trading with a volume of 7,087,194, the NXT's price is up by 13.2%, now at $53.26.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 63 days.
Expert Opinions on NEXTracker
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $64.0.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for NEXTracker, targeting a price of $70.
- An analyst from Guggenheim persists with their Buy rating on NEXTracker, maintaining a target price of $60.
- An analyst from Wells Fargo persists with their Overweight rating on NEXTracker, maintaining a target price of $64.
- An analyst from BMO Capital has decided to maintain their Market Perform rating on NEXTracker, which currently sits at a price target of $56.
- An analyst from Roth MKM has revised its rating downward to Buy, adjusting the price target to $70.
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 NEXTracker with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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