Software Stock Surges on Potential Sale

Call traders are targeting HCP more than usual

Laura McCandless

Deputy Editor

Mar 18, 2024 at 10:50 AM

The shares of HashiCorp Inc (NASDAQ:HCP) are surging today, after Bloomberg reported that the company is exploring options such as a potential sale. At last glance, HCP was up 8% at $28.63, earlier as high as $25.59.

This gap higher has HCP breaking above the $27 level, which had provided a ceiling since late February, and trading at its highest levels since August. Since the start of the year, the equity is up 22%.

In response, calls are being picked up at double the intraday average volume in the options pits. The April 27 call is the most popular, followed by the April 26 call. These options are reasonably priced at the moment, too, per HCP's Schaeffer's Volatility Index (SVI) of 48%, which ranks in the low 12th percentile of its annual range.

It's also worth noting that short interest represents 6.5% of the stock's available float. It would take shorts nearly three days to cover their bets, at HashiCorp stock's average pace of trading.

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