On September 28, 2023, something unusual was brewing in the world of options trading, particularly for Extreme Networks (NASDAQ: EXTR).
Benzinga’s options scanner, the watchful eye of market activity, reported a remarkable surge in options trading that day.
This caught the attention of market observers and stirred discussions about the future of Extreme Networks. Let’s delve into the details of this intriguing development.
A Surprising Flurry of Activity
A significant position, comprising 10 trades, emerged in the publicly available options history for Extreme Networks on that eventful day. To put things into perspective, this level of activity is far from typical, prompting seasoned investors and analysts to take notice.
Sentiment Analysis
What makes this surge even more fascinating is the diversity of sentiment among these prominent traders. Of those involved, 70% expressed a bullish outlook, suggesting confidence in the stock’s future performance.
However, the remaining 30% leaned towards bearish sentiments, indicating that there are concerns or reservations in some quarters.
Options Breakdown
Among the options uncovered, one put option valued at $30,450 and nine call options totaling an impressive $376,200 were identified.
These options represent substantial financial commitments and indicate that some influential market players, often referred to as “whales,” are making calculated moves.
Targeting a Price Range
A deeper analysis of the volume and open interest on these options contracts reveals a clear target for these market whales. Over the past three months, they have been eyeing a price range of $21.0 to $24.0 for Extreme Networks.
This suggests that these players are anticipating significant price movements within this bracket and are positioning themselves accordingly.
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| EXTR | CALL | SWEEP | BEARISH | 10/20/23 | $21.00 | $112.2K | 1 | 1.1K |
| EXTR | CALL | SWEEP | BULLISH | 10/20/23 | $21.00 | $46.5K | 1 | 249 |
| EXTR | CALL | SWEEP | BULLISH | 10/20/23 | $21.00 | $41.4K | 1 | 650 |
| EXTR | CALL | SWEEP | BULLISH | 10/20/23 | $21.00 | $36.3K | 1 | 512 |
| EXTR | CALL | SWEEP | BULLISH | 10/20/23 | $21.00 | $34.5K |
The Current Landscape
As of the report date, September 28, 2023, the mean open interest for Extreme Networks options trades stands at 1.5, with a total trading volume reaching 7,027.00.
These statistics are indicative of the heightened interest and activity surrounding the options market for Extreme Networks.
Extreme Networks Option Volume And Open Interest Over Last 30 Days
The surge in unusual options activity for Extreme Networks on September 28, 2023, has raised eyebrows and generated intrigue in the financial markets.
With a divided sentiment, substantial financial commitments, and a clear target price range, it’s evident that some big players are making significant bets on the future of this company.
As the market continues to digest this activity, investors and observers will be closely watching Extreme Networks for any developments that could validate or challenge these intriguing positions.