GoPro, Inc. (GPRO) Option Traders Eye Last-Minute Gains

GoPro Inc (NASDAQ:GPRO) is seeing last-minute call buying as the shares continue to advance

Jun 12, 2015 at 2:15 PM

GPRO

GoPro Inc (NASDAQ:GPRO) has been on a tear lately, and options traders haven't been shy about placing bullish bets. In today's action, calls outstrip puts 15,000 contracts to 10,000. Last-minute speculators are buying to open the weekly 6/12 57.50-strike call, counting on the shares to end the day -- when the series expires -- atop $57.50.

Longer term, options activity on GPRO has been much the same. During the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 2.24 calls for every put. Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.81 indicates call open interest outstrips put open interest among options with a shelf-life of three months or less.

And why shouldn't options traders be bullish toward GoPro Inc (NASDAQ:GPRO)? The shares have rallied 55.6% since their most recent low of $37.13 on March 10, and bounced off their 20-day moving average today -- up 3.2% at $57.77.

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