Options traders are targeting ADSK in response
Autodesk Inc (NASDAQ:ADSK) stock is on the rise today, up 4.7% at $308.35 at last glance, after the company posted better-than-expected third-quarter results, with earnings of $2.67 per share on revenue of $1.85 billion. The software name also projected strong current-quarter results due to cloud subscriptions and AI design tools demand.
The stock earlier traded as high as $320 today, its highest level since early October. Though paring those gains, the stock is still breaking into positive territory for the year.
Options traders are chiming in in response, with 6,350 calls and 3,673 puts exchanged so far -- seven times the average daily options volume already. The weekly 11/28 315-strike call is the most popular, followed by the 325-strike call in the same series.
This represents a shift, as Autodesk's Schaeffer's put/call open interest ratio (SOIR) of 1.44 sits the 95th percentile of its annual range, suggesting unusually high bearish sentiment in the options market for the company.
A could be the move going forward, as ADSK's checks in at 10 out of 100. This means the security has consistently realized lower volatility than its options have priced in.