Financial giants have made a conspicuous bearish move on Elevance Health. Our analysis of options history for Elevance Health (NYSE:ELV) revealed 8 unusual trades.
Delving into the details, we found 12% of traders were bullish, while 87% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $365,806, and 2 were calls, valued at $245,525.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $500.0 to $670.0 for Elevance Health during the past quarter.
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 Elevance Health's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Elevance Health's significant trades, within a strike price range of $500.0 to $670.0, over the past month.
Elevance Health 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ELV | CALL | SWEEP | BEARISH | 09/20/24 | $8.5 | $7.5 | $7.64 | $530.00 | $218.2K | 72 | 2 |
| ELV | PUT | TRADE | BEARISH | 07/19/24 | $169.3 | $164.1 | $169.3 | $670.00 | $84.6K | 0 | 5 |
| ELV | PUT | TRADE | BEARISH | 07/19/24 | $158.1 | $153.0 | $158.1 | $660.00 | $79.0K | 0 | 5 |
| ELV | PUT | TRADE | BEARISH | 08/16/24 | $33.7 | $27.3 | $33.69 | $530.00 | $70.7K | 83 | 0 |
| ELV | PUT | TRADE | BEARISH | 03/21/25 | $30.0 | $26.0 | $30.0 | $500.00 | $60.0K | 0 | 0 |
About Elevance Health
Elevance Health remains one of the leading health insurers in the U.S., providing medical benefits to 47 million medical members as of December 2023. The company offers employer, individual, and government-sponsored coverage plans. Elevance differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Elevance's reach expands beyond those states through government-sponsored programs such as Medicaid and Medicare Advantage plans, too.
In light of the recent options history for Elevance Health, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Elevance Health
- Trading volume stands at 1,586,346, with ELV's price down by -3.35%, positioned at $503.48.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 90 days.
Expert Opinions on Elevance Health
5 market experts have recently issued ratings for this stock, with a consensus target price of $589.2.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Elevance Health, targeting a price of $620.
- An analyst from B of A Securities has revised its rating downward to Neutral, adjusting the price target to $530.
- An analyst from RBC Capital persists with their Outperform rating on Elevance Health, maintaining a target price of $585.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $600.
- An analyst from Barclays persists with their Overweight rating on Elevance Health, maintaining a target price of $611.
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 Elevance Health options trades with real-time alerts from Benzinga Pro.