Smart Money Is Betting Big In Micron Technology Options

Author: Benzinga Insights | July 16, 2024 10:04am

Financial giants have made a conspicuous bearish move on Micron Technology. Our analysis of options history for Micron Technology (NASDAQ:MU) revealed 17 unusual trades.

Delving into the details, we found 29% of traders were bullish, while 47% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $307,286, and 12 were calls, valued at $691,798.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $40.0 and $160.0 for Micron Technology, spanning the last three months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Micron Technology options trades today is 1885.46 with a total volume of 724.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Micron Technology's big money trades within a strike price range of $40.0 to $160.0 over the last 30 days.

Micron Technology 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
MU	PUT	SWEEP	BEARISH	08/09/24	$5.5	$5.4	$5.5	$130.00	$165.0K	825	1
MU	CALL	TRADE	BEARISH	08/16/24	$6.6	$6.55	$6.55	$130.00	$131.0K	7.0K	100
MU	CALL	TRADE	BEARISH	08/23/24	$4.65	$4.5	$4.55	$137.00	$91.0K	369	0
MU	CALL	SWEEP	BULLISH	08/23/24	$7.5	$7.4	$7.5	$130.00	$75.0K	152	0
MU	CALL	SWEEP	NEUTRAL	08/16/24	$4.85	$4.75	$4.8	$135.00	$72.0K	8.1K	135

About Micron Technology

Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips. Micron serves a global customer base, selling chips into data centers, mobile phones, consumer electronics, and industrial and automotive applications. The firm is vertically integrated.

Following our analysis of the options activities associated with Micron Technology, we pivot to a closer look at the company's own performance.

Micron Technology's Current Market Status

• With a trading volume of 2,854,293, the price of MU is down by -0.79%, reaching $129.83.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 71 days from now.

What Analysts Are Saying About Micron Technology

In the last month, 5 experts released ratings on this stock with an average target price of $178.0.

• Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on Micron Technology with a target price of $140.
• An analyst from Keybanc persists with their Overweight rating on Micron Technology, maintaining a target price of $160.
• Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on Micron Technology with a target price of $165.
• An analyst from Wolfe Research has decided to maintain their Outperform rating on Micron Technology, which currently sits at a price target of $200.
• An analyst from Rosenblatt persists with their Buy rating on Micron Technology, maintaining a target price of $225.

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 Micron Technology options trades with real-time alerts from Benzinga Pro.

Posted In: MU