Options volume has already quadrupled the average daily amount
VF Corp (NYSE:VFC) is surging today, up 13.5% to trade at $18.38 at last glance, after Engaged Capital built its stake in the company, saying the stock could triple if issues are addressed. This bull gap has the security further removing itself from its Oct. 12, 14-year low of $15.11.
VFC is still below several moving averages, however, including its 140-day trendline, which it hasn't closed above since January 2022. Since the start of the year, the equity is down 33.5%.
So far today, 35,000 calls and 11,000 puts have been exchanged, which is already four times the average daily options volume. The October 18 call is the most popular by far, followed by the 17.50 call in the same series, with new positions opening at both.
It's worth noting that short interest has been on the rise, up 20.8% in just the last two weeks. Now, the 28.3 million shares sold short account for 7.3% of the stock's available float, or over four days' worth of pent-up buying power.
