Looking At Advance Auto Parts's Recent Unusual Options Activity

High-rolling investors have positioned themselves bullish on Advance Auto Parts AAP, 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 AAP often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 10 options trades for Advance Auto Parts. This is not a typical pattern.

The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $42,266, and 9 calls, totaling $393,010.

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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 $65.0 for Advance Auto Parts over the last 3 months.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Advance Auto Parts's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Advance Auto Parts's significant trades, within a strike price range of $55.0 to $65.0, over the past month.

Advance Auto Parts 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Advance Auto Parts

Advance Auto Parts is one of the industry's largest retailers of aftermarket automotive parts, tools, and accessories to do-it-yourself customers and third-party vehicle repair facilities in North America. Advance operated 5,086 stores as of the end of 2022, in addition to servicing 1,311 independently owned Carquest stores. The company's Worldpac chain is a premier distributor of imported original-equipment parts. Advance derived 59% of its 2022 sales from commercial clients, with the remainder from DIY shoppers.

After a thorough review of the options trading surrounding Advance Auto Parts, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Advance Auto Parts's Current Market Status

• With a trading volume of 405,583, the price of AAP is down by -0.99%, reaching $60.79.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 41 days from now.

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 Advance Auto Parts, Benzinga Pro gives you real-time options trades alerts.