Options Traders Target Software Stock Amid 3-Year Lows

Sea announced a second-quarter revenue miss

Deputy Editor
Aug 15, 2023 at 3:34 PM
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Sea Ltd (NYSE:SE) is plummeting today, after the company's second-quarter revenue miss amid weak e-commerce sales. At last glance, SE was down 29.1% at $40.33, and earlier marked a three-year low of $40.11. 

The software name is one of the top three most popular stocks in the options pits today, landing itself on the short sell restricted (SSR) list. So far, Sea stock has seen 130,000 calls and 176,000 puts exchanged, which is already 13 times the average daily options volume. The September 40 and 35 puts are the most active, with new positions being opened at both. 

Options bulls were chiming in at full force in the 10 weeks leading up to earnings, and many could be losing out today. The security's 50-day call/put volume ratio of 4.21 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year. 

Year-to-date, the equity is now down 22.8%. The $40 level, which also caught the stock's November lows, appears to be keeping losses in check, however. 

SE Aug 15

 

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