TD Cowen hiked ARM's price objective to $165 from $150
Arm Holdings (NASDAQ:ARM) reported better-than-expected results for the fiscal second quarter. The semiconductor stock was last seen reversing this morning's losses, up 5.9% to trade at $153.21, after attracting no fewer than three price-target hikes, including one from TD Cowen to $165 from $150.
ARM has relied on support from the $135 region as well as the 160-day moving average since September. While the security's October rally fell short of the $165 rally -- which is still a ways away from its July 9, record high of $188.45 -- it still sports a 169.2% year-over-year lead.
Short-term options traders have been much more bearish than usual. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.31 that sits higher than 97% of readings from the last year.
Drilling down to today's options activity, 45,000 calls and 30,000 puts have traded hands so far, which is five times the volume typically seen at this point. The most active contract by far is the weekly 11/8 150-strike call, where new positions are currently being bought to open.