Storage-related U.S. stocks fell again in premarket trading on Aug. 3, and part of a previously placed $23.676 million whale buy-the-dip setup has started to fill, according to TradingBeats, formerly Hyperinsight.
Compared with the first tracking update earlier in the day, MU, SNDK and SKHX were down about 4.6%, 4.7% and 2.1%, respectively. The pullback began to trigger orders from three top-ranked traders that had been waiting for lower prices.
MU whale gets first fills
The first execution came from the MU whale described as taking the opposite side. Between $797.75 and $805.17, the trader completed 17 buys and covered 563 MU short contracts. The filled amount was about $451,000, with an average execution price of $801.46, resulting in a realized loss of roughly $33,300.
After those trades, the whale's MU short position dropped from 1,822.2 contracts to 1,259.3, a reduction of about 30.9%. Unrealized losses on the remaining short position were about $70,000.
The trader still has 80 buy orders open between $600 and $795.28 and plans to buy another 11,300 MU contracts. The remaining order value is about $7.855 million. If all of those orders are filled later, the trader would close the rest of the short and flip to holding about 10,000 MU long contracts.
SKHX and SNDK orders remain below market
The other two whales have not seen their lower buy orders triggered yet.
- The SKHX whale, described as flat, still has no position. It has 10 buy orders sitting between $991.22 and $1,016.60, with about $10 million planned for deployment. Its highest resting order is still about 5.4% below the current price.
- The SNDK whale, described as averaging down, continues to hold 6,353.3 SNDK long contracts. The position is worth about $7.526 million, with an average entry price of $1,365.9. Unrealized losses have widened to about $1.152 million. The trader also has 64 additional buy orders between $523 and $968.45 worth about $5.37 million, and the highest order remains about 18.2% below the current price.
154 buy orders still waiting
Across the three traders, 154 buy orders remain open, with about $23.225 million in notional value still waiting to be filled.
Over the same period, the combined 24-hour trading volume across the three names was about $899 million, while combined open interest stood at about $610 million.
An earlier update said the top-ranked order placers across the three storage names had around $23.6 million waiting for a pullback.