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Option Trends: Plug Power Inc and Sprint Corporation

Options traders are favoring PLUG calls and S puts

by 7/8/2014 2:23:27 PM
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Options traders have set their sights on fuel cell specialist Plug Power Inc (NASDAQ:PLUG) and wireless services provider Sprint Corporation (NYSE:S), according to data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Calls have become quite popular on PLUG, while speculators are scooping up put options on S.

Plug Power Inc (NASDAQ:PLUG)

PLUG has racked up a 10-day ISE/CBOE/PHLX call/put volume ratio of 30.94, as speculative players have picked up nearly 31 times more bullish bets than bearish in recent weeks. However, short-term options traders aren't exactly over-the-top optimistic. Schaeffer's put/call open interest ratio (SOIR) for PLUG stands at 0.48, which registers in the skeptically skewed 67th percentile of its annual range.

Elsewhere, short interest accounts for 20.5% of PLUG's float. With so many bears betting on the stock to fall, it's possible that some short sellers have been buying calls as hedges.

On the charts, shares of Plug Power Inc (NASDAQ:PLUG) have surged nearly 181% year-to-date to trade at $4.35. The stock has faltered a bit amid today's broad-market swoon, but is now in the process of muscling back atop its 32-week moving average. This trendline has guided PLUG higher for over a year.

Sprint Corporation (NYSE:S)

S is sporting a 10-day ISE/CBOE/PHLX put/call volume ratio of 0.57, which ranks higher than 70% of other such readings taken over the past year. In other words, options players have picked up puts over calls at a faster clip only 30% of the time. This negative sentiment toward S is palpable elsewhere, as 9.9% of the stock's float is sold short, and 83% of analysts maintain a "hold" or "sell" rating.

Sprint Corporation shares have shed 1% amid today's broader downturn, with the stock trading at $8.41 this afternoon. S is still trading north of its 200-day moving average, which neatly contained a late-June pullback, but emerging resistance at the equity's 20-day trendline looms just overhead.


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