Someone with a lot of money to spend has taken a bullish stance on AutoZone (NYSE:AZO).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with AZO, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 17 options trades for AutoZone.
This isn't normal.
The overall sentiment of these big-money traders is split between 52% bullish and 47%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $25,440, and 16, calls, for a total amount of $798,227..
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $1430.0 to $2100.0 for AutoZone over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for AutoZone's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of AutoZone's whale trades within a strike price range from $1430.0 to $2100.0 in the last 30 days.
AutoZone Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| AZO | CALL | TRADE | BULLISH | 05/20/22 | $2000.00 | $230.2K | 3 | 19 |
| AZO | CALL | TRADE | BEARISH | 05/20/22 | $2000.00 | $229.9K | 3 | 37 |
| AZO | CALL | TRADE | NEUTRAL | 04/14/22 | $2100.00 | $73.6K | 22 | 30 |
| AZO | CALL | TRADE | BULLISH | 04/14/22 | $1430.00 | $62.1K | 0 | 1 |
| AZO | CALL | TRADE | BEARISH | 04/01/22 | $1890.00 | $49.2K | 7 | 3 |
Where Is AutoZone Standing Right Now?
- With a volume of 170,155, the price of AZO is up 2.59% at $2071.8.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 56 days.
What The Experts Say On AutoZone:
- JP Morgan has decided to maintain their Overweight rating on AutoZone, which currently sits at a price target of $2200.
- Argus Research upgraded its action to Buy with a price target of $2210
- Citigroup has decided to maintain their Buy rating on AutoZone, which currently sits at a price target of $2210.
- Morgan Stanley has decided to maintain their Equal-Weight rating on AutoZone, which currently sits at a price target of $2125.
- Raymond James has decided to maintain their Outperform rating on AutoZone, which currently sits at a price target of $2100.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
