Looking At Okta's Recent Unusual Options Activity

Looking At Okta's Recent Unusual Options Activity

Someone with a lot of money to spend has taken a bearish stance on Okta OKTA.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with OKTA, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 11 options trades for Okta.

This isn't normal.

The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $48,000, and 10, calls, for a total amount of $560,996..

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 $29.0 to $65.0 for Okta over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Okta options trades today is 1360.71 with a total volume of 3,464.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Okta's big money trades within a strike price range of $29.0 to $65.0 over the last 30 days.

Okta Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

 

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
OKTA CALL TRADE BULLISH 12/02/22 $53.00 $142.5K 490 342
OKTA CALL TRADE BULLISH 12/02/22 $53.00 $74.5K 490 429
OKTA CALL TRADE BEARISH 01/20/23 $60.00 $70.5K 2.0K 594
OKTA CALL TRADE BULLISH 12/02/22 $53.00 $59.0K 490 212
OKTA CALL SWEEP NEUTRAL 12/16/22 $65.00 $50.4K 1.7K 600

Where Is Okta Standing Right Now?

  • With a volume of 6,873,433, the price of OKTA is up 22.23% at $65.17.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 90 days.

What The Experts Say On Okta:

  • BMO Capital has decided to maintain their Outperform rating on Okta, which currently sits at a price target of $69.
  • Canaccord Genuity has decided to maintain their Hold rating on Okta, which currently sits at a price target of $70.
  • Morgan Stanley has decided to maintain their Equal-Weight rating on Okta, which currently sits at a price target of $65.
  • Macquarie downgraded its action to Neutral with a price target of $60
  • BMO Capital has decided to maintain their Outperform rating on Okta, which currently sits at a price target of $58.

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 Okta, Benzinga Pro gives you real-time options trades alerts.

Posted In: BZI-UOAOptionsMarkets