Investors with significant funds have taken a bullish position in Brinker International (NYSE:EAT), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in EAT usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 9 options transactions for Brinker International. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 55% being bullish and 33% bearish. Of all the options we discovered, 8 are puts, valued at $407,160, and there was a single call, worth $118,150.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $70.0 to $70.0 for Brinker International over the recent three months.
Volume & Open Interest Trends
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 Brinker International'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 Brinker International's whale trades within a strike price range from $70.0 to $70.0 in the last 30 days.
Brinker International Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EAT | CALL | SWEEP | BEARISH | 08/16/24 | $2.8 | $2.2 | $2.36 | $70.00 | $118.1K | 1.1K | 620 |
| EAT | PUT | TRADE | BULLISH | 08/16/24 | $4.1 | $3.4 | $3.4 | $70.00 | $74.8K | 1.7K | 1.0K |
| EAT | PUT | SWEEP | BULLISH | 08/16/24 | $3.8 | $3.5 | $3.5 | $70.00 | $65.1K | 1.7K | 824 |
| EAT | PUT | TRADE | BULLISH | 08/16/24 | $4.0 | $3.6 | $3.6 | $70.00 | $51.8K | 1.7K | 244 |
| EAT | PUT | SWEEP | BULLISH | 08/16/24 | $3.9 | $3.4 | $3.4 | $70.00 | $47.2K | 1.7K | 1.0K |
About Brinker International
Brinker International Inc operates casual dining restaurants under the brand's Chili Grill and Bar (Chili's) and Maggiano's Little Italy (Maggiano's). Chili's falls in the Bar and Grill category of casual dining. Its menu features Fresh Mex and Fresh Tex favorites including signature items such as slow-smoked baby back ribs, craft burgers, fajitas, and bottomless chips and salsa paired with tableside guacamole. Maggiano's is an Italian restaurant brand with a full lunch and dinner menu offering chef-prepared, such as appetizers, chicken, seafood, veal and prime steaks, and desserts. The company generates maximum revenue from Chili's segment.
Following our analysis of the options activities associated with Brinker International, we pivot to a closer look at the company's own performance.
Brinker International's Current Market Status With a volume of 1,533,555, the price of EAT is down -0.86% at $66.07. RSI indicators hint that the underlying stock may be approaching overbought. Next earnings are expected to be released in 2 days. What The Experts Say On Brinker International
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $58.666666666666664.
An analyst from B of A Securities persists with their Underperform rating on Brinker International, maintaining a target price of $58. Maintaining their stance, an analyst from Morgan Stanley continues to hold a Underweight rating for Brinker International, targeting a price of $50. Maintaining their stance, an analyst from Wedbush continues to hold a Neutral rating for Brinker International, targeting a price of $68.
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 Brinker International with Benzinga Pro for real-time alerts.
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