Online Retailer Pops on New Bed Bath & Beyond Assets

Call traders are getting in on the stock's rally

Deputy Editor
Jun 22, 2023 at 10:47 AM
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Overstock.com Inc (NASDAQ:OSTK) is up 8.2% at $22.92 at last glance, after the company won the auction for some Bed Bath & Beyond digital assets, including intellectual property. The $21.5 million sale is subject to approval by the bankruptcy court at a hearing on Tuesday. OSTK was earlier as high as $23.45, its highest level since February, and currently sports a 17.7% year-to-date lead. 

The 7,444 calls exchanged so far is five times the volume typically seen at this point. The weekly 6/23 23-strike call is the most active, followed by the 23.50-strike call in the same weekly series, with new positions being opened at the latter. 

Options traders have been much more bullish than usual leading up to today as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), OSTK's 50-day call/put volume ratio of 9.32 ranks higher than all other readings from the past year. 

Of the 10 analysts in coverage, eight carry a tepid "hold" rating, with two a "strong buy," while the 12-month consensus price target of $32.92 sits at a 43.7% premium to current levels. It's also worth noting that short interest represents 8.1% of the stock's available float. 

 

 

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