What the Options Market Tells Us About Qualcomm

Author: Benzinga Insights | April 23, 2024 03:00pm

Whales with a lot of money to spend have taken a noticeably bullish stance on Qualcomm.

Looking at options history for Qualcomm (NASDAQ:QCOM) we detected 70 trades.

If we consider the specifics of each trade, it is accurate to state that 52% of the investors opened trades with bullish expectations and 38% with bearish.

From the overall spotted trades, 17 are puts, for a total amount of $1,164,630 and 53, calls, for a total amount of $5,656,812.

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 $120.0 to $220.0 for Qualcomm over the last 3 months.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Qualcomm's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Qualcomm's significant trades, within a strike price range of $120.0 to $220.0, over the past month.

Qualcomm 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
QCOM	CALL	TRADE	BEARISH	05/17/24	$11.25	$11.1	$11.1	$155.00	$987.9K	8.6K	3.3K
QCOM	PUT	TRADE	BULLISH	01/16/26	$14.9	$11.75	$12.89	$135.00	$451.1K	533	356
QCOM	CALL	SWEEP	BEARISH	05/17/24	$11.15	$11.05	$11.05	$155.00	$392.2K	8.6K	2.0K
QCOM	CALL	SWEEP	BEARISH	05/17/24	$11.05	$11.0	$11.0	$155.00	$254.1K	8.6K	920
QCOM	CALL	SWEEP	NEUTRAL	01/16/26	$37.65	$37.0	$37.11	$150.00	$241.2K	1.4K	161

About Qualcomm

Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets.

Having examined the options trading patterns of Qualcomm, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Qualcomm's Current Market Status

• Trading volume stands at 3,256,112, with QCOM's price up by 1.22%, positioned at $162.14.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 8 days.

Expert Opinions on Qualcomm

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $195.4.

• An analyst from Keybanc persists with their Overweight rating on Qualcomm, maintaining a target price of $205.
• An analyst from Benchmark downgraded its action to Buy with a price target of $200.
• An analyst from Cantor Fitzgerald persists with their Neutral rating on Qualcomm, maintaining a target price of $190.
• An analyst from Susquehanna has decided to maintain their Positive rating on Qualcomm, which currently sits at a price target of $205.
• An analyst from Evercore ISI Group has revised its rating downward to In-Line, adjusting the price target to $177.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Qualcomm with Benzinga Pro for real-time alerts.

Posted In: QCOM