Call volume is already running at double what's typically seen at this point
IonQ Inc (NYSE:IONQ) shares are up 6% to trade at $50.08 at last glance, after the quantum computing giant announced it will acquire semiconductor maker SkyWater Technology (SKYT) in a deal valued at $1.8 billion.
The equity has struggled with a ceiling at the $55 level, which capped rallies in December and earlier this month, with added pressure stemming from the 100-day moving average. Though shares are now far removed from an Oct. 13, record high of $84.64, they have added more than 70% in the last nine months.
Options bulls have been quick to the trigger, with 14,000 calls exchanged so far -- double the intraday average amount -- compared to only 2,375 puts. The most active contract is the weekly 1/30 55-strike call, with positions opening at the 52-strike call in that same series.
Calls have been more popular than usual in the past 10 weeks, per IONQ's 50-day call/put volume ratio of 1.62 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 99% of other readings from the past year.
Options are affordably priced, making now an excellent time to bet on IONQ's next moves. This is per its Schaeffer's Volatility Index (SVI) of 84% that sits higher than just 18% of all other readings from the past year.