A whale with a lot of money to spend has taken a noticeably bearish stance on Elastic.
Looking at options history for Elastic ESTC we detected 14 strange trades.
If we consider the specifics of each trade, it is accurate to state that 21% of the investors opened trades with bullish expectations and 78% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $428,640 and 4, calls, for a total amount of $457,380.
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 $55.0 to $85.0 for Elastic 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 Elastic'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 Elastic's whale activity within a strike price range from $55.0 to $85.0 in the last 30 days.
Elastic 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 |
|---|---|---|---|---|---|---|---|---|
| ESTC | CALL | SWEEP | BEARISH | 01/19/24 | $80.00 | $184.2K | 554 | 253 |
| ESTC | CALL | SWEEP | BEARISH | 01/19/24 | $80.00 | $168.9K | 554 | 230 |
| ESTC | PUT | TRADE | BEARISH | 01/19/24 | $70.00 | $69.5K | 170 | 333 |
| ESTC | CALL | TRADE | BEARISH | 01/19/24 | $80.00 | $52.9K | 554 | 54 |
| ESTC | PUT | TRADE | BULLISH | 01/19/24 | $70.00 | $51.8K | 170 | 104 |
Where Is Elastic Standing Right Now?
- With a volume of 2,083,088, the price of ESTC is up 2.62% at $73.54.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 83 days.
What The Experts Say On Elastic:
- Citigroup has decided to maintain their Buy rating on Elastic, which currently sits at a price target of $92.
- Rosenblatt has decided to maintain their Buy rating on Elastic, which currently sits at a price target of $80.
- Oppenheimer downgraded its action to Outperform with a price target of $80
- Rosenblatt downgraded its action to Buy with a price target of $85
- Barclays has decided to maintain their Overweight rating on Elastic, which currently sits at a price target of $83.
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 Elastic, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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