Looking At Old Dominion Freight Line's Recent Unusual Options Activity

Someone with a lot of money to spend has taken a bearish stance on Old Dominion Freight Line ODFL.

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 ODFL, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Old Dominion Freight Line.

This isn't normal.

The overall sentiment of these big-money traders is split between 10% bullish and 90%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $1,007,995, and 3 are calls, for a total amount of $88,040.

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 $400.0 to $430.0 for Old Dominion Freight Line over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Old Dominion Freight Line options trades today is 314.25 with a total volume of 3,856.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Old Dominion Freight Line's big money trades within a strike price range of $400.0 to $430.0 over the last 30 days.

Old Dominion Freight Line 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
ODFL PUT TRADE BEARISH 08/18/23 $400.00 $566.4K 417 1.0K
ODFL PUT SWEEP BEARISH 08/18/23 $420.00 $189.2K 582 200
ODFL PUT TRADE NEUTRAL 10/20/23 $410.00 $87.5K 19 50
ODFL PUT SWEEP NEUTRAL 08/18/23 $400.00 $59.9K 417 175
ODFL PUT SWEEP BEARISH 08/18/23 $400.00 $35.3K 417 1.2K

Where Is Old Dominion Freight Line Standing Right Now?

  • With a volume of 885,931, the price of ODFL is down -1.37% at $413.73.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 85 days.

What The Experts Say On Old Dominion Freight Line:

  • Morgan Stanley downgraded its action to Equal-Weight with a price target of $332
  • Raymond James has decided to maintain their Outperform rating on Old Dominion Freight Line, which currently sits at a price target of $440.
  • Goldman Sachs has decided to maintain their Neutral rating on Old Dominion Freight Line, which currently sits at a price target of $361.
  • Credit Suisse has decided to maintain their Underperform rating on Old Dominion Freight Line, which currently sits at a price target of $375.
  • Barclays has decided to maintain their Equal-Weight rating on Old Dominion Freight Line, which currently sits at a price target of $410.

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 Old Dominion Freight Line, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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