Deep-pocketed investors have adopted a bullish approach towards Home Depot (NYSE:HD), 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 HD usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 28 extraordinary options activities for Home Depot. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 46% leaning bullish and 32% bearish. Among these notable options, 3 are puts, totaling $87,317, and 25 are calls, amounting to $1,737,199.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $330.0 to $380.0 for Home Depot over the recent three months.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Home Depot's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Home Depot's substantial trades, within a strike price spectrum from $330.0 to $380.0 over the preceding 30 days.
Home Depot Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HD | CALL | SWEEP | NEUTRAL | 08/16/24 | $23.45 | $21.3 | $22.2 | $340.00 | $222.0K | 1.0K | 104 |
| HD | CALL | TRADE | BULLISH | 08/16/24 | $21.8 | $20.15 | $21.8 | $340.00 | $218.0K | 1.0K | 0 |
| HD | CALL | SWEEP | BEARISH | 01/17/25 | $17.4 | $16.4 | $16.63 | $380.00 | $164.7K | 1.2K | 4 |
| HD | CALL | SWEEP | NEUTRAL | 08/16/24 | $16.15 | $15.1 | $15.54 | $350.00 | $155.9K | 1.6K | 11 |
| HD | CALL | TRADE | NEUTRAL | 01/17/25 | $38.8 | $37.15 | $38.0 | $340.00 | $114.0K | 1.1K | 5 |
About Home Depot
Home Depot is the world's largest home improvement specialty retailer, operating more than 2,300 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer numerous building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The additions of the Company Store brought textiles to the lineup, and Redi Carpet added multifamily flooring, while the recent tie-up with SRS helps grow professional demand.
Having examined the options trading patterns of Home Depot, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Home Depot
- With a trading volume of 1,380,061, the price of HD is up by 2.15%, reaching $361.41.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 32 days from now.
Professional Analyst Ratings for Home Depot
1 market experts have recently issued ratings for this stock, with a consensus target price of $395.0.
- An analyst from DA Davidson has elevated its stance to Buy, setting a new price target at $395.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Home Depot with Benzinga Pro for real-time alerts.