Unpacking the Latest Options Trading Trends in Qualcomm

Author: Benzinga Insights | June 28, 2024 10:31am

High-rolling investors have positioned themselves bullish on Qualcomm (NASDAQ:QCOM), 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 QCOM often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 20 options trades for Qualcomm. This is not a typical pattern.

The sentiment among these major traders is split, with 65% bullish and 35% bearish. Among all the options we identified, there was one put, amounting to $43,200, and 19 calls, totaling $1,535,047.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $170.0 to $210.0 for Qualcomm over the recent three months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Qualcomm options trades today is 3442.31 with a total volume of 9,492.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Qualcomm's big money trades within a strike price range of $170.0 to $210.0 over the last 30 days.

Qualcomm 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
QCOM	CALL	TRADE	BULLISH	08/16/24	$14.05	$13.9	$14.05	$200.00	$210.7K	16.3K	276
QCOM	CALL	TRADE	BULLISH	08/16/24	$14.1	$13.95	$14.09	$200.00	$169.0K	16.3K	1.3K
QCOM	CALL	TRADE	BULLISH	07/19/24	$8.3	$8.1	$8.28	$200.00	$165.5K	3.5K	323
QCOM	CALL	TRADE	BEARISH	07/05/24	$10.5	$10.0	$10.2	$190.00	$153.0K	37	1
QCOM	CALL	TRADE	BEARISH	09/20/24	$37.2	$36.1	$36.1	$170.00	$126.3K	699	0

About Qualcomm

Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets.

Current Position of Qualcomm

• Trading volume stands at 2,903,186, with QCOM's price up by 4.31%, positioned at $203.57.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 33 days.

Professional Analyst Ratings for Qualcomm

In the last month, 4 experts released ratings on this stock with an average target price of $247.5.

• Maintaining their stance, an analyst from Tigress Financial continues to hold a Buy rating for Qualcomm, targeting a price of $270.
• Maintaining their stance, an analyst from B of A Securities continues to hold a Buy rating for Qualcomm, targeting a price of $245.
• An analyst from Mizuho has decided to maintain their Buy rating on Qualcomm, which currently sits at a price target of $240.
• Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on Qualcomm with a target price of $235.

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 Qualcomm options trades with real-time alerts from Benzinga Pro.

Posted In: QCOM