Looking At Carpenter Tech's Recent Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Carpenter Tech CRS.

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 this is an institution or just a wealthy individual, we don’t know. But when something this big happens with CRS, it often means somebody knows something is about to happen.

Today, Benzinga’s options scanner spotted 8 options trades for Carpenter Tech.

This isn’t normal.

The overall sentiment of these big-money traders is split between 50% bullish and 12%, bearish.

Out of all of the options we uncovered, 7 are puts, for a total amount of $394,310, and there was 1 call, for a total amount of $26,850.

What’s The Price Target?

After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $100.0 and $200.0 for Carpenter Tech, spanning the last three 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 Carpenter Tech’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 Carpenter Tech’s whale trades within a strike price range from $100.0 to $200.0 in the last 30 days.

Carpenter Tech Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

About Carpenter Tech

Carpenter Technology Corp supplies specialty metals to a variety of end markets, including aerospace and defense, industrial machinery and consumer durables, medical, and energy, among others. The company’s reportable segments include; Specialty Alloys Operations and Performance Engineered Products. It generates maximum revenue from the Specialty Alloys Operations segment. The SAO segment is comprised of the company’s alloy and stainless steel manufacturing operations. This includes operations performed at mills predominantly in Reading and Latrobe, Pennsylvania, and surrounding areas as well as South Carolina and Alabama. Geographically, the company derives its maximum revenue from the United States and the rest from Europe, Asia Pacific, Mexico, Canada, and other regions.

After a thorough review of the options trading surrounding Carpenter Tech, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Present Market Standing of Carpenter Tech

• Trading volume stands at 279,448, with CRS’s price up by 2.15%, positioned at $196.85.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 83 days.

What Analysts Are Saying About Carpenter Tech

In the last month, 1 experts released ratings on this stock with an average target price of $235.0.

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.
* Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Carpenter Tech with a target price of $235.

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 Carpenter Tech with Benzinga Pro for real-time alerts.