What the Options Market Tells Us About Equinix
Portfolio Pulse from Benzinga Insights
Significant bearish positions have been taken in Equinix (NASDAQ:EQIX) by investors, as revealed by Benzinga's options scanner. The scanner identified 8 unusual options transactions, with a bearish sentiment prevailing (62% bearish, 37% bullish). The transactions include 7 puts valued at $1,741,480 and a single call worth $32,500, targeting a price range of $860.0 to $910.0 for EQIX. Equinix operates 260 data centers globally and serves over 10,000 customers. The stock's current price is $893.56, with an RSI indicating it may be approaching overbought territory. Analyst ratings in the last month have varied, with an average target price of $714.4.
March 12, 2024 | 4:30 pm
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NEGATIVE IMPACT
Equinix has seen significant bearish options activity, with a majority of investors taking bearish positions. The company operates a vast network of data centers worldwide and is currently trading at $893.56, with an RSI indicating potential overbought conditions. Analyst ratings offer a mixed outlook with an average target price of $714.4.
The bearish sentiment in the options market, combined with the RSI indicating potential overbought conditions, suggests a short-term negative impact on EQIX's stock price. The mixed analyst ratings, with some targets significantly below the current trading price, further support a cautious outlook for the stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100