Wolfspeed Option Alert: Fri $25.5 Calls Sweep (46) near the Ask: 1309 @ $0.9 vs 51 OI; Ref=$24.22
Portfolio Pulse from Charles Gross
A significant option activity was observed for Wolfspeed, with a sweep of 1309 calls at a strike price of $25.5, priced at $0.9 each, compared to an open interest of 51. This activity occurred when Wolfspeed's stock was trading at $24.22.
April 22, 2024 | 5:21 pm
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POSITIVE IMPACT
The large volume of call options for Wolfspeed at a strike price above its current trading price suggests bullish sentiment among investors, potentially indicating a short-term upward price movement.
The significant volume of call options at a strike price higher than the current stock price usually indicates that investors are expecting the stock to rise to or above the strike price by the expiration date. Given the large volume compared to the open interest, this activity can lead to increased buying pressure on the stock, potentially driving up its price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90