While we are through the bulk of earnings season, there’s no sign of slowing down in the unusual options market…
And we have another unusual ticker that’s been tagging the News Flow Scanner all week: SoundHound (SOUN).
SoundHound is the market’s latest red-hot AI darling.
What was basically a penny stock on Monday with shares under $5 is now up 75% the past week, about 310% the past month and 220% year to date.
As I discussed in Wednesday’s video, we’re seeing a lot of signs of a market top. And a stock bouncing over 300% in a month because it’s an AI company while AI is the buzzword of the year could be another one of those signs.
But there is something interesting about this stock’s options… they’re pretty cheap if you’re looking for an earnings dice roll!
Monday through this afternoon, we’ve seen 11 total orders hit the News Flow Scanner in SoundHound, nine of them calls, so the big money is bullish.
Market makers expect a move around $2.15 higher or lower, and the stock is trading near $7.50 a share after today’s big pop, with the $8 calls being around $1.80 as of 1:30 p.m. ET Thursday.
Those $6 puts listed below got hammered down quite a bit to $1.10 after that order was placed.
As always, use proper risk management should you decide to trade this stock, because these options can and will likely go to $0 if wrong.
We also saw some PlugPower (PLUG) calls for Friday morning, and a few bullish Zscaler (ZS) orders Thursday, which are listed below!
Top Order Flow:
- SOUN Mar24 1st Strike: 8 Calls premium: $144,729 ABOVE ASK BULLISH
Trade Date: February 27, 2024 Trade Time: 9:59 am - SOUN Mar24 28th Strike: 6 Puts premium: $174,300 ASK BEARISH
Trade Date: February 29, 2024 Trade Time: 11:44 am - ZS Apr24 12th Strike: 245 Calls premium: $253,575 ASK BULLISH
Trade Date: February 29, 2024 Trade Time: 10:18 am - PLUG Mar24 28th Strike: 3.5 Calls premium: $105,072 ASK BULLISH
Trade Date: February 29, 2024 Trade Time: 1:26 pm
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
Lance Ippolito Trading Team
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
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