Options Market Statistics: Analysts Are Bullish on Nvidia Stock Ahead of Earnings Next Week, Options Pop
News Highlights
1. $NVIDIA (NVDA.US)$ shares rose Tuesday after analysts at Mizuho raised their price target for the company’s stock ahead of its third-quarter results due next week.
The firm upped its target from $140 to $165, slightly above the analysts consensus near $160, according to Visible Alpha. Shares of Nvidia were recently up nearly 2% to about $148, not far off recent record highs.
“We see Nvidia remaining the leader in the AI training and inference chips for data center applications,” the analysts wrote, estimating that the company holds a dominant market share of nearly 95% in the space.
The options market was notably active, with a volume of 3.31 million contracts, where calls constituted 70.8% of the activity. The most traded calls are contracts of $150 strike price that expire on November 15. The total volume reaches 344,497 with an open interest of 157,981.
2. $Shopify (SHOP.US)$forecast fourth-quarter sales growth above estimates, as a focus on employing AI-powered tools in its e-commerce services pulled in more merchants ahead of the crucial holiday season, sending its shares up 25% on Tuesday.
The Canadian firm also topped market expectations for third-quarter revenue, with Third Bridge analyst Charlie Miner calling it a "staggering outperformance of the broader e-commerce market, even in the face of cautious consumer spending."
The trading session was marked by substantial options activity, with a volume of 0.47 million contracts, of which 70.9% were calls. The most actively traded options were the $120 calls set to expire on November 15.
Unusual Stock Options Activity
There was a noteworthy activity in $Zscaler (ZS.US)$, with $215.00 calls topping the highest volume to open interest ranking. The highest volume over open interest ratio reaches 137.1x with 14,118 contracts.
Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, The Guardian, Bloomberg, MarketWatch
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