Options on Reddit drew a flurry of bullish bets on Monday as the social media platform's stock rallied as much as 16% after last week's strong market debut...
NEW YORK - Options on Reddit drew a flurry of bullish bets on Monday as the social media platform's stock rallied as much as 16% after last week's strong market debut.
Some 39,000 options traded by 1:10 p.m. , with volume on pace to hit 62,000 contracts by the end of the day, Trade Alert data showed.The 2012 listing of options on Facebook Inc, now known as Meta Platforms, holds the record for the most active options market debut with some 360,000 contracts changing hands on the first day of trading."The action is on the call side and collected around the upside," said Ophir Gottlieb, chief executive of Los Angeles-based Capital Market Laboratories.
"Reddit trading is reminding me of meme stocks," said Matt Amberson, founder of options analytics service ORATS, referring to stocks with viral popularity among individual investors who often use options to express their views.Meme stocks emerged in 2020, led by GameStop whose price rose as much as 100 times over several months in 2021, largely on the sentiment of individual buyers connected through the Reddit community forum WallStreetBets.
Trump is about to get $3 billion richer after deal is approved to take his company public. But it won’t solve his cash crunch
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How finding a gun at 16 changed the course of Michael Connelly's lifeIn an interview with Q’s Tom Power, the bestselling author of detective novels and other crime fiction recalls the night that sparked his fascination with the genre.
Read more »
Shooting in Woodbridge leaves 16-year-old girl injured, police appeal for witnessesYork Regional Police say a 16-year-old girl has been shot in Woodbridge.
Read more »
Freeland promises to 'unlock pathways' to middle-class life in April 16 federal budgetThe 2024 federal budget will be presented on Tuesday, April 16, Deputy Prime Minister and Finance Minister Chrystia Freeland announced Monday.
Read more »
Finance Minister Chrystia Freeland to present Liberals' federal budget on April 16Canada's construction news
Read more »
16 tickets for distracted driving handed out to Saanich drivers in MarchIndependent and employee owned - local news stories, weather, sports, events and more
Read more »
Wizards snap 16-game losing streak with victory over HornetsKyle Kuzma scored 28 points, Deni Avdija added 18 and the Washington Wizards snapped their 16-game losing streak with a 112-100 victory over the Charlotte Hornets on Friday night.
Read more »