Behind the Scenes of Home Depot's Latest Options Trends

Home Depot, Inc. -1.30%

Home Depot, Inc.




Investors with a lot of money to spend have taken a bearish stance on Home Depot (NYSE:HD).

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with HD, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 11 uncommon options trades for Home Depot.

This isn't normal.

The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $1,050,319, and 7 are calls, for a total amount of $352,170.

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 $250.0 and $400.0 for Home Depot, 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 Home Depot's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Home Depot's significant trades, within a strike price range of $250.0 to $400.0, over the past month.

Home Depot Option Activity Analysis: Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
HD PUT TRADE BULLISH 06/21/24 $350.00 $962.5K 316 2
HD CALL TRADE BULLISH 09/20/24 $250.00 $103.4K 6 0
HD CALL TRADE NEUTRAL 09/20/24 $305.00 $56.4K 194 10
HD CALL TRADE BEARISH 01/19/24 $295.00 $52.3K 1.1K 10
HD CALL TRADE BULLISH 01/17/25 $400.00 $51.4K 355 84

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 United States, 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 distributor Interline Brands in 2015 allowed Home Depot to enter the maintenance, repair, and operations business, which has been expanded through the tie-up with HD Supply (2020). Moreover, the additions of the Company Store brought textile exposure to the lineup, while Redi Carpet added multifamily flooring.

Current Position of Home Depot

  • With a volume of 776,930, the price of HD is down -0.01% at $348.5.
  • RSI indicators hint that the underlying stock may be overbought.
  • Next earnings are expected to be released in 54 days.

Professional Analyst Ratings for Home Depot

In the last month, 3 experts released ratings on this stock with an average target price of $366.0.

  • Maintaining their stance, an analyst from Stifel continues to hold a Hold rating for Home Depot, targeting a price of $355.
  • An analyst from Truist Securities has decided to maintain their Buy rating on Home Depot, which currently sits at a price target of $356.
  • An analyst from Truist Securities has decided to maintain their Buy rating on Home Depot, which currently sits at a price target of $387.

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 Home Depot options trades with real-time alerts from Benzinga Pro.

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