GoPro Bulls Cheer Upbeat Sales Data

GPRO still isn't far from its all-time lows from October, though

by Josh Selway

Published on Dec 4, 2019 at 10:18 AM
Updated on Jun 24, 2020 at 10:16 AM

GoPro Inc (NASDAQ:GPRO) just gave an update for Black Friday and Cyber Monday, saying its Hero8 Black "sold at record levels." GPRO shares have popped 6.4% out of the gate to trade at $4.11, but while they've taken back the $4 level, they're already back below the 50-day moving average. Still, the move may be enough for recent options traders.

Jumping in, data from the past five days shows that the largest increase in open interest on GoPro was at the weekly 12/6 4-strike call. Most of these positions were bought to open, so bulls were betting on the camera maker ending the week above $4.

More broadly, the Schaeffer's put/call open interest ratio (SOIR) of 1.47 shows put open interest outweighs call open interest among contracts expiring within three months. For prospective traders, the Schaeffer's Volatility Index (SVI) of 62% ranks in the 21st annual percentile, showing near-term premiums remain relatively muted.

Still, at these levels, GoPro stock sits pretty close to its all-time lows from October, and is still below its year-to-date breakeven level of $4.24. The shares traded as high as $7.65 back in May.


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