Options Traders Hail These Ride-Sharing Stocks

Weekly calls are popular for UBER and LYFT

Managing Editor
Feb 24, 2020 at 12:58 PM
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The 20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. The stocks highlighted in yellow are new to the list. Below, we're going to take a closer look at ride-sharing startups Lyft Inc (NASDAQ:LYFT) and Uber Technologies Inc (NYSE:UBER)

MAO Feb 24

LYFT has seen 210,384 weekly call options traded during the past 10 days, compared to 150,529 puts. Most active today is the weekly 3/27 42.50-strike call, while the weekly 2/28 44-strike call is also popular, with new positions being opened at each. Taking a step back, the April 47.50 call is home to the top open interest position. Lyft stock is down 5.3% today to trade at $41.93, and is on track to close at its lowest point since November.

Moving on to Uber stock, the security has seen 358,957 weekly call options and just 124,154 put options trading within the past two weeks. However, the weekly 2/28 38-strike put is seeing the most action so far today among weeklies. UBER is also participating in the broad market sell-off today, last seen down 4.5% at $38.85. However, the shares' 30-day moving average has emerged as support.

In addition to the heightened options activity, both these ride-sharing stocks sport attractively priced premiums at the moment. LYFT and UBER's Schaeffer's Volatility Indexes (SVI) of 41% and 39%, respectively, both sit in the bottom 10th percentile of readings from the past year.

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