Call traders have been circling META for an extended period of time
Meta Platforms Inc (NASDAQ:META) is up 5% at $595.57 this afternoon, after the tech concern launched new AI features on social media platform Facebook. META sports a grim 28% year-to-date deficit, with even today's overdue pop facing off with pressure at the 20-day moving average and $600 level.
A frequent flyer on Schaeffer's Quantitative Analyst Rocky White's list of stocks sporting the most active options over the past two weeks, Meta Platforms has ushered in 4.6 million calls and 2.3 million puts during this most recent time frame. The June 720 call and the weekly 6/3 620-strike call have been the most popular over the past 10 days.
Bulls have been circling for longer than that as well. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), META's 50-day call/put volume ratio of 2.10 ranks in the 88th annual percentile of its annual range.
The equity's premium is affordably priced at the moment, too. This is per the stock's Schaeffer’s Volatility Index (SVI) of 34% that stands in the 34th percentile of its annual range.