Options Bulls Bet on Upside for Beaten Fuelcell Stock

Calls are running at double their intraday average

Deputy Editor
Jun 29, 2021 at 2:36 PM
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The shares of Fuelcell Energy Inc (NASDAQ:FCEL) are down 2.2% to trade at $9.08 at last check, after the 20-day moving average rejected the stock's earlier attempt at a run higher. The equity has been falling on the charts since its Feb. 10, three-year high of $29.44 -- the second time FCEL has run into a ceiling at the $30 level since its steep drop at the end of 2016. Longer term, Fuelcell stock is still up 289% year-over-year. 

FCEL 0629

Fuelcell stock is highlighted today due to a surge in bullish options activity. So far, 68,000 calls have crossed the tape, which is double the stock's intraday average. The weekly 7/2 10-strike call is the most popular by far, with new positions being opened here. This shows plenty of traders betting on more upside for FCEL by the contact's expiration at the end of this week. 

Analysts are wholeheartedly bearish on Fuellcell stock, with six of the eight in coverage sporting a tepid "hold" rating, and two a "strong sell." Meanwhile, short interest makes up 14.5% of the security's available float. 

Lastly, now looks like a good time to weigh in on the FCEL's next move with options. The stock is seeing attractively priced premiums at the moment, per the equity's Schaeffer's Volatility Index (SVI) of 90%, which sits in just the 1st percentile of its annual range. Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 95 out of a possible 100, meaning the stock has exceeded option traders' volatility expectations during the past year.

 

 

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