Microchip Technology Unusual Options Activity

Someone with a lot of money to spend has taken a bearish stance on Microchip Technology MCHP.

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

Today, Benzinga's options scanner spotted 15 options trades for Microchip Technology.

This isn't normal.

The overall sentiment of these big-money traders is split between 6% bullish and 93%, bearish.

Out of all of the options we uncovered, 14 are puts, for a total amount of $465,436, and there was 1 call, for a total amount of $68,000.

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 $75.0 to $80.0 for Microchip Technology 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 Microchip Technology'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 Microchip Technology's whale activity within a strike price range from $75.0 to $80.0 in the last 30 days.

Microchip Technology 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
MCHP CALL SWEEP BEARISH 01/19/24 $75.00 $68.0K 357 74
MCHP PUT SWEEP BEARISH 11/17/23 $75.00 $67.2K 0 279
MCHP PUT SWEEP BEARISH 11/17/23 $80.00 $61.0K 0 4.0K
MCHP PUT SWEEP BEARISH 11/17/23 $80.00 $31.9K 0 5.4K
MCHP PUT SWEEP BEARISH 11/17/23 $80.00 $30.1K 0 6.5K

Where Is Microchip Technology Standing Right Now?

  • With a volume of 2,344,260, the price of MCHP is up 0.48% at $83.86.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 87 days.

What The Experts Say On Microchip Technology:

  • Rosenblatt has decided to maintain their Buy rating on Microchip Technology, which currently sits at a price target of $110.
  • Susquehanna has decided to maintain their Positive rating on Microchip Technology, which currently sits at a price target of $105.
  • Morgan Stanley has decided to maintain their Overweight rating on Microchip Technology, which currently sits at a price target of $101.
  • Susquehanna has decided to maintain their Positive rating on Microchip Technology, which currently sits at a price target of $100.
  • Needham downgraded its action to Buy with a price target of $100

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

Market News and Data brought to you by Benzinga APIs
Date of Trade
ticker
Put/Call
Strike Price
DTE
Sentiment
Posted In: OptionsMarketsBZI-UOA
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