Bulls Blitz Synaptics Incorporated (SYNA) Amid Record High

Synaptics, Incorporated (NASDAQ:SYNA) call players are active, after the stock hit a record high

by Karee Venema

Published on May 18, 2015 at 1:15 PM

Similar to the broader equities market, Synaptics, Incorporated (NASDAQ:SYNA) is lingering in record-high waters today. Specifically, the stock topped out at an all-time peak of $94.05 earlier -- which some attribute to a round of short-covering -- and was last seen up 4% at $93.84. In the options pits, call volume has soared to three times what's typically seen at this point in the day, with a number of traders gambling on more upside in the near term.

Drilling down, SYNA's weekly 5/22 95-strike and 6/26 96-strike calls have received notable attention, and it seems as if new positions are being purchased at each short-term option. If traders are indeed initiating fresh long positions here, the goal is for SYNA to extend today's rally -- and move deeper into uncharted territory -- by the respective expiration dates of this Friday's close and the close on Friday, June 26.

Today's accelerated call activity is just more of the same in SYNA's options arena. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day call/put volume ratio of 5.48 rests in the 80th percentile of its annual range.

On the charts, Synaptics, Incorporated (NASDAQ:SYNA) has added an impressive 61% since notching its Jan. 16 year-to-date low of $58.22, thanks to several critical bounces off its 50-day moving average. As touched upon, short sellers have been hitting the bricks amid this uptrend. Over the past two reporting periods, short interest dropped 18.2%, but still accounts for a healthy 9.9% of SYNA's available float -- representing four sessions' worth of pent-up buying demand, at average trading levels.

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Planet Fitness Stock Lifted Amid Re-Opening Optimism
Planet Fitness reopened around 800 facilities in North America
Coffee Stock Drops Despite Cost-Cutting Initiatives
Starbucks asked employees to further limit working hours or take unpaid leave
The Big Bankruptcy You Should Be Afraid Of
Porter Stansberry is making a concerning prediction.