High-rolling investors have positioned themselves bearish on Eaton Corp ETN, 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 ETN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Eaton Corp. This is not a typical pattern.
The sentiment among these major traders is split, with 30% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $202,100, and 9 calls, totaling $473,031.
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Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $270.0 to $380.0 for Eaton Corp over the recent three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Eaton Corp options trades today is 790.44 with a total volume of 655.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Eaton Corp's big money trades within a strike price range of $270.0 to $380.0 over the last 30 days.
Eaton Corp 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | PUT | TRADE | BEARISH | 10/18/24 | $9.7 | $8.0 | $9.4 | $310.00 | $202.1K | 15 | 223 |
| ETN | CALL | TRADE | NEUTRAL | 07/19/24 | $38.2 | $34.8 | $36.4 | $310.00 | $109.2K | 359 | 30 |
| ETN | CALL | TRADE | BEARISH | 07/19/24 | $35.0 | $33.8 | $33.8 | $310.00 | $101.3K | 359 | 60 |
| ETN | CALL | TRADE | BULLISH | 06/21/24 | $9.0 | $8.9 | $9.0 | $340.00 | $68.4K | 1.9K | 93 |
| ETN | CALL | SWEEP | BEARISH | 06/21/24 | $4.4 | $4.2 | $4.2 | $350.00 | $57.9K | 1.9K | 153 |
About Eaton Corp
Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical Americas, electrical global, aerospace, vehicle, and eMobility. Eaton's portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton's electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment with its Ireland domicile, most of its operations are in the US.
Present Market Standing of Eaton Corp
- With a volume of 717,266, the price of ETN is down -0.31% at $339.84.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 63 days.
Professional Analyst Ratings for Eaton Corp
In the last month, 4 experts released ratings on this stock with an average target price of $327.5.
- An analyst from HSBC persists with their Hold rating on Eaton Corp, maintaining a target price of $280.
- An analyst from Mizuho has revised its rating downward to Buy, adjusting the price target to $355.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Eaton Corp, targeting a price of $325.
- Maintaining their stance, an analyst from Argus Research continues to hold a Buy rating for Eaton Corp, targeting a price of $350.
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 Eaton Corp, Benzinga Pro gives you real-time options trades alerts.
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