Tripadvisor Stock Surges on Double Upgrade

Options bulls are targeting the stock as well

Deputy Editor
Feb 8, 2023 at 10:50 AM
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Tripadvisor Inc (NASDAQ:TRIP) stock is surging today, up 7.7% at $26.02 at last glance, after a lofty bull note. BofA Global Research double-upgraded TRIP to "buy" from "underperform," with a price-target hike to $38 from $19, seeing plenty of upside for the stock as consumers book more experiences. 

This bull gap has the stock trading at its highest level since September. TRIP has been rallying since the start of the year, up roughly 44% year-to-date, and is now above all significant short- and long-term moving averages. 

Today's analyst note could trigger a round of bull notes, as 14 of the 19 analysts in coverage still carry a "hold" or worse rating on Tripadvisor stock. Plus, the 12-month consensus price target of $25.60 is a 1.6% discount to current levels. 

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1.50 calls have been bought for every put in the last 10 days. Today, however, call volume is roaring, with 5,330 calls across the tape so far -- 18 times the intraday average -- in comparison to 510 puts. The March 30 call is the most popular, with new positions being opened there. 

It's also worth noting that short interest represents 7% of the stock's available float. It would take three days to buy back these bearish bets, at TRIP's average pace of trading. 

 

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