FIGS Option Alert: Apr 19 $10 Calls Sweep (36) near the Ask: 5506 @ $0.35 vs 322 OI; Ref=$7.4066
Portfolio Pulse from Charles Gross
There was a notable options trading activity for FIGS, Inc., where a sweep of 5,506 call options for a strike price of $10, expiring on April 19, was executed near the asking price at $0.35 each. This is compared to an open interest of 322, indicating a significant increase in trading volume for these options. The underlying stock reference price at the time was $7.4066.
December 14, 2023 | 7:18 pm
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POSITIVE IMPACT
The large volume of call options for FIGS suggests increased investor interest or speculation that the stock may rise above the strike price of $10 by the expiration date. This could potentially lead to a short-term increase in the stock price due to the bullish sentiment.
The trading activity represents a significant bet on FIGS stock rising in the short term, as the volume of calls is much higher than the open interest. This could indicate insider confidence or a response to positive sentiment or news. However, without additional context, it's not certain why investors are taking these positions.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80