Call Traders Target Soaring Under Armour Stock

Call volume is running at 13 times what's typically seen at this point

Deputy Editor
Nov 2, 2021 at 10:14 AM
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Apparel retailer Under Armour Inc (NYSE:UAA) is surging this morning, last seen up 17.6% to trade at $25.86, after posting a stellar third-quarter earnings report. The company reported earnings of 15 cents per share, which is more than double Wall Street's forecasts, alongside a revenue beat. Under Armour also raised its full-year outlook, as CEO Patrik Frisk continues to improve the company's brand image.

Today's bull gap has the security eyeing a close above the 180-day moving average, a trendline that UAA has battled with for much of the last two months. Pacing for its best day in more than two years, the shares are now trading just a chip shot away from their May 5, two-year high of $26.45. However, familiar pressure at the $26 level appears to be keeping a cap on today's gains. Year-to-date, Under Armour stock sports a 128.3% lead. 

Call traders are responding with enthusiasm to the event. So far, 17,000 calls have crossed the tape, which is 13 times the intraday average, versus just 2,406 puts. Most popular is the weekly 11/5 26-strike call, followed by the 22.50-strike call from the same series. 

There's still plenty of room for upgrades amongst the brokerage bunch, which could lift Under Armour stock even higher on the charts. Of the 22 analysts in coverage, 10 still carry a "hold" or worse rating.




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