S&P 500 Newcomer Boasting Ample Technical Support

GoDaddy stock is fresh off all-time highs

Jul 19, 2024 at 10:27 AM

GDDY

Subscribers to Schaeffer's Weekend Trader options recommendation service received this GDDY commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

GoDaddy Inc (NYSE:GDDY) stock is trading at all-time highs after joining the S&P 500 Index (SPX) last month, and recently bounced off the $140 level following a late-June breakout. That level is also seven times the equity’s initial public offering (IPO) price and coincides with its 20-day moving average, with shares now behaving in a similar way as they did in April.

Short interest increased 50% from February to the first half of June, before a small dip in the second half. Nevertheless, the security has rallied, and could extend those gains if shorts remain in covering mode. Over the last two weeks, short interest fell 13.5%.

Our recommended October call has a leverage ratio of 8.8, and will double on a 13% rise in the underlying security.

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