Puts Popular for Surging Silver Stock

The equity has fallen 6% in 2020

Deputy Editor
Dec 7, 2020 at 3:25 PM
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Already in 2020, the shares of First Majestic Silver Corp (NYSE:AG) have soared as high as $14.57,and tumbled as low as $4.17 -- both its highest and lowest levels since 2016. Meanwhile, since September, the equity has traded between $12.60 and $9.30, and was last seen up 4% to trade at 11.45. As a result, First Majestic Silver stock is looking to notch its fifth-consecutive close above its 150-day moving average, and boasts a respectable 9.1% year-over-year gain.

AG Chart December 7

Despite the positive price action today, options bears are circling the silver stock. So far today, 22,000 puts have crossed the tape -- six times the average intraday volume, and more than double the number of calls traded. Most popular by far is the April 2021 12-strike put, with positions being opened here, followed by the January 2021 10-strike put. This suggests these traders are speculating on a lot more downside for AG by the time these contracts expire. 

Lastly, although First Majestic Silver stock has shed 6% year-to-date, analysts are still overwhelmingly optimistic. Specifically, all three in coverage sport a "buy" rating.


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