Okta Stock Surges After Earnings Results

The stock is rebounding from its recent three-year low

Deputy Editor
Jun 3, 2022 at 11:16 AM
facebook twitter linkedin

Okta Inc (NASDAQ:OKTA) is experiencing a strong post-earnings surge today, up 12.4% to trade at $105.33, after the IT name's better-than-expected first-quarter results and an upbeat forecast. Analysts are chiming in with mixed sentiment, with six price-target cuts and four price-target hikes directed at OKTA so far. 

This positive price action has Okta stock continuing to rebound off its May 24 three-year low of $77.01. Still, the stock's 40-day moving average, which has guided the stock lower since November, is keeping today's rally in check. 

Options traders are targeting the equity at eight times the intraday average. So far, 20,000 calls and 15,000 puts have crossed the tape. Expiring today, the weekly 6/3 110-strike call is the most popular, with new positions being bought to open here. 

Meanwhile, short interest has risen 23.2% during the most recent two-week reporting period. Now, the 6.85 million shares sold short account for 4.6% of the stock's available float. 


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners