Options Traders Keep Betting on Nvidia Stock

UBS today raised its price target on NVDA

Deputy Editor
Jul 8, 2024 at 12:22 PM
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Chip stock Nvidia Corp (NASDAQ:NVDA) is up 2.1% to trade at $128.49 today following a price-target hike from $120 to $150 at UBS. Call traders have been unfazed by the semiconductor stalwart's recent pullback from its recent peak, as NVDA's options pits have been in a frenzy over the last 10 days.

To no one's surprise, Nvidia stock took the top spot on on Schaeffer's Senior Quantitative Analyst Rocky White's list of names that attracted the most options volume during the last two weeks. Over that period, the equity saw 78,689,431 calls and 48,081,396 puts traded, nearly 100 million more total options than the second place stock, Tesla (TSLA). The most activity took place at with the weekly 6/28 125-strke call.

MAO NVDA Chart July 082024

On the year, NVDA is closing in on a 160% gain. The company's position as a leader in artificial intelligence (AI) chipmaking have helped solidify Nvidia as the most valuable publicly traded company, culminating in a June 20, record high of $140.76 -- adjusted following NVDA's 10-for-1 split. Longer term, the equity boasts a 201.2% year-over-year lead.

NVDA Chart July 082024

Considering the chip stock's outperformance, this penchant for bullish bets is nothing new. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 1.55 ranks higher than all other readings from the past 12 months. 

 

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