ROKU Calls Remain Hot Despite Bear Note

Berenberg just hit the stock with a price-target cut

Deputy Editor
Jun 22, 2020 at 12:57 PM
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The 20 stocks below have attracted the highest weekly options volume over the last 10 trading days, per data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Additionally, White also highlighted new entrants to the list in yellow. Standing out this week is Roku Inc (NYSE:ROKU), who just received a price-target cut to $145 from $149 at Berenberg. Below, we'll take a closer look at the options activity surrounding ROKU and the ups and downs the stock has experienced on the charts lately.

Most Active Options June 22

Last time we checked in on ROKU, the stock was trading at nearly identical levels. However, within the last few weeks, the stock has moved between the $100 and $115 mark, and today is eyeing a third straight close higher. The equity is up 29.1% year-over-year, and for the day, was last seen 2.4% higher to trade at $131.56.

Looking at White's data, over the past 10 days, 383,070 calls and 111,741 puts have exchanged hands. It looks like calls have been especially popular of late, per ROKU's 10-day call/put volume ratio of 4.11 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the highest percentile of its annual range. Today's trading leans bullish too, with 74,000 calls across the tape so far, compared to just 20,000 puts. The two most popular contracts today are the weekly 6/26 135- and 140-strike calls. 

Meanwhile, most analysts are remaining optimistic, with nine of the 16 in coverage calling it a "buy" or better. Conversely, five rate it a "hold," and two are signaling a "strong sell." It is worth nothing that short sellers have also jumpedaboard, with short interest rising 12.6% during the past two reporting periods. Currently, the 11.55 million shares sold short represent 14.1% of the stock's available float.   

 

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