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Investors with deep pockets are taking a bearish approach to Micron Technology (NASDAQ:MU), and market players shouldn’t ignore it. The important move was revealed today after tracking Benzinga’s public option records. Although the identities of these investors remain unknown, such significant movements in MU usually signal that something big is about to happen.
We gathered this information from today’s observations as Benzinga’s Options Scanner revealed 93 unusual options activity for Micron Technology. This level of activity is abnormal.
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The overall mood of these leading investors is split, with 29% bullish and 70% bearish. Of these notable options, he has 12 puts totaling $417,468 and 81 calls totaling $3,398,565.
What is the target price?
Considering the volume and open interest of these contracts, the whale appears to have priced Micron Technology between $70.0 and $150.0 for the past three months.
Volume and open interest trends
Confirming volume and open interest is a powerful move in options trading. This data helps track the liquidity and interest rate of Micron Technology’s options for a specific strike price. Below, you can observe the evolution of call and put volume and open interest, respectively, for all Micron Technology whale trades within the strike price range of $70.0 to $150.0 over the past 30 days.
Micron Technology Call and Put Volume: 30 Day Overview
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Significant option trade detected:
| symbol | put/call | transaction type | emotions | Experience date | listen | bid | price | strike price | Total transaction price | Open interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mu | phone | trade | neutral | 2024/06/21 | $4.0 | $3.9 | $3.95 | $140.00 | 219.6 thousand dollars | 8.0K | 703 |
| Mu | phone | sweep | strong | 05/17/24 | $8.2 | $8.15 | $8.2 | $120.00 | 164.8 thousand dollars | 3.5K | 1.1K |
| Mu | phone | trade | neutral | 2024/05/24 | $8.95 | $8.75 | $8.85 | $120.00 | $88.5,000 | 47 | 200 |
| Mu | phone | sweep | strong | 2024/05/24 | $8.9 | $8.7 | $8.85 | $120.00 | $88.3,000 | 47 | 0 |
| Mu | phone | trade | bearish | 08/16/24 | $14.8 | $14.65 | $14.65 | $120.00 | 58.6 thousand dollars | 928 | 40 |
About Micron Technology
Micron is one of the world’s largest semiconductor companies, specializing in memory and storage chips. The company’s main source of revenue is dynamic random access memory (DRAM), but it also has a small investment in NAND flash chips. Micron serves a global customer base and sells chips for data centers, mobile phones, consumer electronics, industrial and automotive applications. This company is vertically integrated.
Given Micron Technology’s recent options history, it’s now appropriate to focus on the company itself. It is intended to investigate current performance.
Micron Technology’s current position
- With a trading volume of 10,184,027, the MU price decreased by -0.22% and reached $122.68.
- The current RSI value indicates that the stock may be overbought.
- The company’s next earnings report is scheduled in 78 days.
Expert opinion on Micron Technology
A total of 5 professional analysts have given their views on this stock in the past 30 days and set an average price target of $119.6.
- Morgan Stanley analysts maintain an Underweight rating on Micron Technology and keep their price target unchanged at $98.
- JPMorgan analysts maintain their stance, pricing Micron Technology’s stock at $130 and maintaining an Overweight rating.
- Consistent with that assessment, UBS analysts maintain a Buy rating on Micron Technology with a price target of $120.
- Mizuho analysts downgraded the stock to “buy” with a price target of $130.
- TD Cowen analysts maintain their stance on Micron Technology, maintaining an Outperform rating and setting the price at $120.
Options trading involves high risk, but also the potential for higher returns. Smart traders mitigate these risks by continuing to educate themselves, make strategic trade adjustments, utilize a variety of indicators, and stay responsive to market trends. Stay on top of the latest options trades for Micron Technology with real-time alerts from Benzinga Pro.
Crypto whales are loading — are you there?
New research shows that the biggest crypto buyers are coming back. And this time? It may be possible for Bitcoin to exceed $100,000 in 2024. You don’t want to miss out on the next big crypto bull run like we saw in 2020 and 2021. To find out exactly what’s going on and what to buy…visit Benzinga. Best cryptocurrency research and investment for just $1.
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