Analyzing Options Activity at Elevance Health: Key Insights
Understanding the Options Activity for Elevance Health
Investors are keeping a watchful eye on Elevance Health, as significant options activity has emerged recently. Whales in the market demonstrate a clear bullish stance towards this prominent health insurance provider, indicating a noteworthy shift in sentiment.
Upon reviewing the options history for Elevance Health (ELV), we identified a total of 14 trades. Notably, these trades reflect a split sentiment: 50% of investors entered into trades with bullish expectations, while the other half anticipated a bearish trend. This balanced view suggests heightened interest and cautious optimism surrounding Elevance Health.
Breaking Down the Trades
A closer inspection reveals that out of the total trades, there were eight puts amounting to $393,037 and six calls collectively valued at $166,060. This distribution suggests that while many investors are hedging against potential downturns, a considerable number are also betting on upward movement.
Price Predictions and Market Sentiment
Based on the volume and open interest associated with these contracts, investors have been eyeing a price range between $490.0 and $540.0 for Elevance Health over the past three months. This targeted range reflects significant activity and interest levels that are worth noting for any potential investors.
Volume and Open Interest Analysis
Understanding the volume and open interest related to Elevance Health's options provides invaluable insights into market liquidity and the prevailing interest in the stock. Analyzing these metrics can help investors gauge the broader market sentiment regarding Elevance Health and its potential price movements.
30-Day Options Activity Overview
In the previous month, a robust number of trades have indicated a shift in how investors view Elevance Health. With many options being traded, this highlights the stock's growing popularity among traders, particularly those who engage in options trading.
Key Options Trades
- Trade Type: SWEEP; Sentiment: BEARISH; Expiration Date: 10/18/24; Strike Price: $530.00; Total Trade Price: $78.8K
- Trade Type: SWEEP; Sentiment: BULLISH; Expiration Date: 06/20/25; Strike Price: $530.00; Total Trade Price: $67.0K
- Trade Type: TRADE; Sentiment: BEARISH; Expiration Date: 10/18/24; Strike Price: $530.00; Total Trade Price: $47.2K
- Trade Type: TRADE; Sentiment: BEARISH; Expiration Date: 10/18/24; Strike Price: $530.00; Total Trade Price: $47.0K
About Elevance Health
Elevance Health stands as a formidable presence in the U.S. health insurance industry. As of the latest figures, the company provides medical coverage to approximately 47 million members. Their portfolio includes employer-sponsored plans, individual health policies, and government-sponsored initiatives.
Elevance distinguishes itself from competitors due to its significant role as the largest provider of Blue Cross Blue Shield coverage in 14 states. Their expansion through strategic acquisitions like Amerigroup and MMM has allowed the company to broaden its reach, enhancing its offerings in government programs such as Medicaid and Medicare Advantage.
Current Market Position of Elevance Health
- The stock is presently trading at $534.89 with a volume of 310,819, reflecting a slight decrease of -0.92%.
- Recent RSI readings indicate that the stock may be nearing oversold territory.
- Investors can anticipate an earnings release in approximately 23 days.
Expert Insights on Elevance Health
In the recent month, three financial experts provided insights on the stock linked to Elevance Health, yielding an average target price of $605.0. This consensus reflects the potential optimism surrounding the company's future performance.
Analysts from various institutions have adjusted their ratings, with indications of cautious optimism. While one analyst from Cantor Fitzgerald shifted its rating to Overweight, another from Stephens & Co. revised its rating similarly, indicating a price target of $615.
Engaging with options trading entails certain risks, yet it also presents opportunities for higher returns. Seasoned traders often manage these risks with continuous education and by making strategic adjustments to their trades based on real-time market dynamics. For those interested in ongoing developments in Elevance Health's options, staying informed is crucial.
Frequently Asked Questions
What is the current price of Elevance Health (ELV)?
The current trading price of Elevance Health (ELV) is $534.89.
How many options trades were detected for Elevance Health?
A total of 14 options trades were detected for Elevance Health.
What is the average target price set by analysts for ELV?
The average target price set by analysts for Elevance Health is $605.0.
What strategies do traders use to mitigate risks in options trading?
Traders mitigate risks through ongoing education, making strategic trade adjustments, and utilizing various market indicators.
When is Elevance Health's next earnings release?
The anticipated earnings release for Elevance Health is in approximately 23 days.
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Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
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