Investors with a lot of money to spend have taken a bearish stance on Centene CNC.
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 CNC, 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 14 uncommon options trades for Centene.
This isn’t normal.
The overall sentiment of these big-money traders is split between 35% bullish and 64%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $164,810, and 9 are calls, for a total amount of $443,199.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $62.0 to $72.5 for Centene during the past quarter.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Centene’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Centene’s substantial trades, within a strike price spectrum from $62.0 to $72.5 over the preceding 30 days.
Centene Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CNC | CALL | SWEEP | BEARISH | 11/15/24 | $2.15 | $2.05 | $2.15 | $67.50 | $75.7K | 526 | 815 |
| CNC | CALL | TRADE | BULLISH | 12/20/24 | $6.6 | $6.4 | $6.55 | $62.50 | $64.1K | 350 | 143 |
| CNC | CALL | SWEEP | BEARISH | 12/20/24 | $6.1 | $5.7 | $5.75 | $65.00 | $59.4K | 105.3K | 513 |
| CNC | CALL | SWEEP | BULLISH | 11/15/24 | $1.15 | $1.0 | $1.15 | $72.50 | $57.5K | 1.2K | 781 |
| CNC | CALL | SWEEP | BULLISH | 11/15/24 | $1.0 | $0.95 | $1.0 | $72.50 | $46.1K | 1.2K | 1.6K |
About Centene
Centene is a managed-care organization focused on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges. Centene served 24 million medical members as of June 2023, mostly in Medicaid (67% of membership), the individual exchanges (14%), and Medicare Advantage (6%) plans. The company also serves traditional Medicare users with its Medicare Part D pharmaceutical program.
In light of the recent options history for Centene, it’s now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Centene
- Trading volume stands at 9,607,957, with CNC’s price up by 4.68%, positioned at $64.5.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 0 days.
Professional Analyst Ratings for Centene
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $78.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $90.
* Consistent in their evaluation, an analyst from Baird keeps a Neutral rating on Centene with a target price of $66.
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 Centene options trades with real-time alerts from Benzinga Pro.
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