Deep-pocketed investors have adopted a bearish approach towards Workday (NASDAQ:WDAY), 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 WDAY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Workday. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 25% leaning bullish and 75% bearish. Among these notable options, 2 are puts, totaling $114,920, and 6 are calls, amounting to $249,021.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $210.0 and $280.0 for Workday, spanning the last three months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Workday's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Workday's significant trades, within a strike price range of $210.0 to $280.0, over the past month.
Workday Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WDAY | CALL | SWEEP | BEARISH | 09/20/24 | $0.5 | $0.25 | $0.31 | $280.00 | $63.9K | 2.9K | 2.0K |
| WDAY | PUT | TRADE | BULLISH | 09/27/24 | $5.3 | $3.9 | $4.2 | $245.00 | $63.0K | 5 | 0 |
| WDAY | CALL | SWEEP | BEARISH | 10/18/24 | $45.2 | $43.6 | $43.6 | $210.00 | $56.6K | 18 | 13 |
| WDAY | PUT | TRADE | BEARISH | 10/18/24 | $11.8 | $11.6 | $11.8 | $260.00 | $51.9K | 963 | 83 |
| WDAY | CALL | TRADE | BULLISH | 10/18/24 | $6.8 | $6.7 | $6.8 | $260.00 | $45.5K | 596 | 86 |
About Workday
Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California. Founded in 2005, Workday now employs over 18,000 employees.
After a thorough review of the options trading surrounding Workday, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Workday Standing Right Now?
- Trading volume stands at 1,753,307, with WDAY's price down by -0.44%, positioned at $253.47.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 78 days.
What Analysts Are Saying About Workday
In the last month, 5 experts released ratings on this stock with an average target price of $282.0.
- Consistent in their evaluation, an analyst from DA Davidson keeps a Neutral rating on Workday with a target price of $270.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Workday with a target price of $265.
- An analyst from Morgan Stanley persists with their Overweight rating on Workday, maintaining a target price of $315.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Workday with a target price of $300.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Workday, which currently sits at a price target of $260.
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.
