Fitbit, Inc. (FIT) Option Volume Explodes

Option volume on Fitbit Inc (NYSE:FIT) has exploded this week

Jul 1, 2015 at 11:36 AM
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Option activity on Fitbit Inc (NYSE:FIT) was mostly quiet for the first few days options were available. Volume has since picked up, though -- and in a big way.

It started yesterday, as overall option activity on FIT jumped to five times the expected intraday amount. Even though more than 15,000 calls crossed the tape, compared to just 6,317 puts, the most popular contract was the weekly 7/2 36-strike put. A total of 3,097 contracts were exchanged here, and the biggest transaction -- involving 400 contracts -- appears to have been tied to a block of 45,000 FIT shares. Overall, this weekly option strike added 1,719 contracts to open interest overnight.

Today, traders are again rushing to FIT's option pits, with approximately 11,000 calls crossing the tape so far. One strike seeing heavy activity is the July 45 call, where it appears traders are buying to open contracts in hopes of the shares breaking out above $45 -- all-time high territory -- by the close on Friday, July 17, when front-month options expire.

Looking at the charts, FIT is cruising today, adding 2.5% to trade at $39.20. Earlier, the shares touched an all-time high of $41.76 -- more than double the stock's initial public offering (IPO) price of $20. Fitbit Inc (NYSE:FIT) had a big day yesterday, as well, thanks to a bullish note from RBC.

 

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