This week, the stock price peaked just below its early-August earnings close. Shorts have been building their positions since late April, and are likely to use rallies to build more positions as they are profitable and have no urgency to cover. Recent peak OI at the $115 is the site of the first strike where call OI is higher than put OI for all options expiring through October. Put OI is stacked down below the 90 strike and could act as short-term magnets on additional weakness. Meanwhile, analysts’ 12-month consensus price target of $140.43 is a roughly 30% premium to current levels. Our recommended put has a leverage ratio of 3.9, and will double in value on a 20.8% drop in the underlying equity.
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