What the Options Market Tells Us About Apple

Author: Benzinga Insights | September 13, 2024 04:39pm

Financial giants have made a conspicuous bearish move on Apple. Our analysis of options history for Apple (NASDAQ:AAPL) revealed 68 unusual trades.

Delving into the details, we found 36% of traders were bullish, while 41% showed bearish tendencies. Out of all the trades we spotted, 13 were puts, with a value of $1,230,050, and 55 were calls, valued at $3,957,417.

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 $165.0 and $240.0 for Apple, spanning the last three months.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Apple's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Apple's significant trades, within a strike price range of $165.0 to $240.0, over the past month.

Apple Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
AAPL	PUT	SWEEP	BEARISH	09/20/24	$3.7	$3.6	$3.7	$225.00	$665.8K	22.1K	2.9K
AAPL	CALL	SWEEP	BEARISH	09/20/24	$2.46	$2.44	$2.44	$225.00	$504.5K	42.7K	21.8K
AAPL	CALL	TRADE	BULLISH	01/17/25	$39.25	$39.1	$39.25	$190.00	$196.2K	57.8K	64
AAPL	CALL	SWEEP	BULLISH	01/17/25	$23.15	$22.95	$23.15	$210.00	$166.6K	25.0K	185
AAPL	CALL	TRADE	BULLISH	09/20/24	$4.6	$4.55	$4.6	$220.00	$106.7K	58.8K	5.6K

About Apple

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

After a thorough review of the options trading surrounding Apple, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Apple

• With a volume of 35,417,754, the price of AAPL is down -0.16% at $222.41.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 48 days.

What The Experts Say On Apple

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $274.4.

• An analyst from Tigress Financial persists with their Strong Buy rating on Apple, maintaining a target price of $295.
• An analyst from JP Morgan persists with their Overweight rating on Apple, maintaining a target price of $265.
• Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Apple with a target price of $256.
• Consistent in their evaluation, an analyst from Wedbush keeps a Outperform rating on Apple with a target price of $300.
• An analyst from B of A Securities has decided to maintain their Buy rating on Apple, which currently sits at a price target of $256.

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 Apple with Benzinga Pro for real-time alerts.

Posted In: AAPL