Options Market Statistics: Micron's Stock Gets a Target Boost Ahead of Earnings, Options Pop
News Highlights
$NVIDIA (NVDA.US)$ shares ended 0.68% lower. Its options trading volume was 4.38 million. Call contracts account for 62.5% of the total trading volume.
Nvidia stock gained 9% last week. Shares of the artificial intelligence leader pared some early gains but remained near new highs on Monday.
At the visual Generative AI event this week, Computer Vision and Pattern Recognition Conference, Nvidia researchers presented several papers on new tools to create and interpret images, videos and 3D applications. The AI chip leader also presented its research on high definition maps used in autonomous vehicles. The company also announced its latest tools to improve sensors simulation used in those vehicles as well as developments in robotics.
Meanwhile, on Tuesday, analysts at Barclays, Susquehanna and TD Cowen increased their price targets on the stock.
Barclay's analyst Tom O'Malley and Susquehanna analyst Christopher Rolland raised the price target to 145 from 120, split adjusted. Supply chain checks were reassuring and showed that the transition from Hopper chips to Blackwell will be smooth.
$Micron Technology (MU.US)$ shares ended 4.58% higher. Its options trading volume was 0.31 million. Call contracts account for 70.8% of the total trading volume. The $155 calls expiring October 18 were traded most actively.
Micron Technology Inc. shares have already surged 66% so far this year, and there are concerns heading into next week's earnings report about potential impacts from an April Taiwan earthquake as well as the fact that the memory-chip company didn't positively preannounce results already.
But Cantor Fitzgerald analyst C.J. Muse's message to clients is simple: "Don't overthink it."
He boosted his price target on Micron's stock to $180 from $150 in a weekend note, writing that the company is expected to continue benefiting from the artificial-intelligence boom, which has fueled demand for high-bandwidth memory products. That new target implies about 27% upside from current levels.
After previously having somewhat minimal exposure to the high-bandwidth memory market, the company's 8-high HBM3E offering "was the first out of all the memory manufacturers to be qualified at Nvidia for its H200 products (and presumably the B100/GB200 products to come)," Muse wrote.
$Super Micro Computer (SMCI.US)$ shares ended 5.08% higher. Its options trading volume was 0.3 million. Call contracts account for 68.1% of the total trading volume. The $900 calls expiring June 21 were traded most actively.
Unusual Stock Options Activity
There was a noteworthy activity in $ChargePoint (CHPT.US)$, where multiple puts have topped volume to open interest ranking. The highest volume over open interest ratio reaches 242.7x with 50,000 contracts.
Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, The Guardian, Bloomberg
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