Spotlight on Advanced Micro Devices: Analyzing the Surge in Options Activity
Portfolio Pulse from Benzinga Insights
Advanced Micro Devices (NASDAQ:AMD) has seen a surge in options activity, with a bearish sentiment prevailing among investors. Analysis of 21 trades reveals 38% bullish and 61% bearish positions, with a focus on strike prices between $105 and $220. Notable trades include bearish calls for February 2024 and June 2024, and bullish calls for June 2024 and December 2023. AMD's stock is slightly down with a potential overbought RSI indicator. Analysts have set an average price target of $161.4, with varying recommendations from Buy to Strong Buy. AMD's recent acquisition of Xilinx diversifies its business, particularly in data centers and automotive markets.
December 18, 2023 | 4:16 pm
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NEUTRAL IMPACT
AMD's options activity indicates bearish sentiment, but analysts' average price target suggests potential upside. The stock's slight decline and overbought RSI may affect short-term performance.
The bearish options activity could lead to short-term downward pressure on AMD's stock price. However, the analysts' price targets and the recent acquisition of Xilinx provide a positive outlook, potentially balancing the impact. The mixed sentiment and the overbought RSI indicator suggest a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100