New Age Beverages Call Volume Pops Ahead of Conference Call

NBEV option bulls are coming out of the woodwork today

Jan 15, 2019 at 11:05 AM
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The shares of New Age Beverages Corp (NASDAQ:NBEV) are higher today, as traders await the company's special conference call tomorrow. Specifically, the firm -- which is dabbling in CBD-infused drinks -- this morning said it will hold an investor call at 8:30 a.m. ET tomorrow, Jan. 16, "to provide a special business update on a new relationship and material opportunity." Against this backdrop, NBEV option bulls are coming out of the woodwork ahead of the event.

At last check, NBEV stock is up 5.4% to trade at $7.35. The shares are set for their highest close since mid-October, just before Canada legalized recreational marijuana use. In fact, the security has more than tripled in the past six months, with its 30-day moving average emerging as a recent foothold.

NBEV stock chart jan 15

Already today, the equity has seen roughly 19,000 calls cross the tape -- three times the average intraday pace, and pacing for an annual high. That's compared to fewer than 4,400 puts so far (still twice the average intraday put volume). It appears speculators are expecting NBEV shares to bounce after the conference call, with potential buy-to-open activity spotted at the January 2019 7.50-, 7-, and 5-strike calls. The calls will be in the money if the shares are north of the strikes at the close on Friday, when front-month options expire.

Elsewhere, a few shorts could be getting nervous. Short interest on NBEV jumped 11.6% in the past two reporting periods, and now represents more than 45% of the equity's total available float. An exodus of shorts in the wake of an upbeat conference call tomorrow could translate into a tailwind for the shares.


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