Deep-pocketed investors have adopted a bearish approach towards Alcoa AA, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Alcoa. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 66% bearish. Among these notable options, 2 are puts, totaling $840,050, and 10 are calls, amounting to $616,096.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $45.0 for Alcoa during the past quarter.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Alcoa'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 Alcoa's whale trades within a strike price range from $25.0 to $45.0 in the last 30 days.
Alcoa Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AA | PUT | TRADE | BEARISH | 06/21/24 | $5.45 | $5.3 | $5.4 | $40.00 | $810.0K | 2.4K | 1.5K |
| AA | CALL | SWEEP | BEARISH | 10/18/24 | $4.2 | $4.1 | $4.1 | $40.00 | $143.1K | 1.4K | 425 |
| AA | CALL | TRADE | BULLISH | 06/21/24 | $4.0 | $3.95 | $4.0 | $35.00 | $139.6K | 5.9K | 14 |
| AA | CALL | SWEEP | BEARISH | 07/19/24 | $7.75 | $7.6 | $7.65 | $30.00 | $73.4K | 2.0K | 101 |
| AA | CALL | SWEEP | NEUTRAL | 01/17/25 | $5.5 | $5.45 | $5.45 | $40.00 | $54.5K | 7.2K | 115 |
About Alcoa
Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.
Having examined the options trading patterns of Alcoa, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Alcoa Standing Right Now?
- With a trading volume of 4,195,947, the price of AA is up by 0.11%, reaching $36.23.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 6 days from now.
Expert Opinions on Alcoa
1 market experts have recently issued ratings for this stock, with a consensus target price of $32.0.
- An analyst from B of A Securities persists with their Neutral rating on Alcoa, maintaining a target price of $32.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Alcoa options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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