Options Market Statistics: Micron Stock Surges to Record High and Options Pop After BofA Analysts Raise Price Target
News Highlights
$Micron Technology(MU.US$ shares rose by 5.44%, closing at $124.30. Its options trading volume was 0.51 million. Call contracts account for 68.4% of the total trading volume. The most traded calls are contracts of $120 strike price that expire on Apr. 5th. The total volume reaches 7,652 with an open interest of 10,443.
Micron Technology shares jumped to a record high during early trading on Monday after Bank of America analysts increased their price target for the stock, saying it is well-positioned to gain amid the artificial intelligence (AI) boom.
Bank of America named Micron, alongside $Marvell Technology(MRVL.US$ and $Advanced Micro Devices(AMD.US$, as a "junior samurAI" poised to gain after its "top picks," $NVIDIA(NVDA.US$ and $Broadcom(AVGO.US$.
Each 'junior samurAI' trades interestingly at a valuation premium to its respective leader, so greater stock volatility is to be expected," the analysts wrote, adding that "as the leader expands the [total addressable market], the junior can likely continue to carve a profitable niche."
As AI tech requires high-bandwidth memory (HBM), Micron has the "potential to rapidly expand high-bandwidth memory or HBM market share behind Korean peers," the analysts said.
The Bank of America analysts lifted their price objective to $144 from $120 per share and reiterated a "Buy" rating.
$Alphabet-A(GOOGL.US$ shares rose by 3.02%, closing at $155.49. Its options trading volume was 0.35 million. Call contracts account for 63.8% of the total trading volume. The most traded calls are contracts of $152.5 strike price that expire on Apr. 5th. The total volume reaches 4,506 with an open interest of 2,543.
$Microsoft(MSFT.US$ shares rose by 0.92%, closing at $424.57. Its options trading volume was 0.21 million. Call contracts account for 63.8% of the total trading volume. The most traded calls are contracts of $425 strike price that expire on Apr. 5th. The total volume reaches 6,078 with an open interest of 3,048. The most traded puts are contracts of a $430 strike price that expires on Jun. 21st; the volume is 7,394 contracts with an open interest of 520.
Unusual Stock Options Activity
There was a noteworthy activity in $Lyft Inc(LYFT.US$, where multiple calls have topped volume to open interest ranking. The highest volume over open interest ratio reaches 116.1x, with option volume of nearly 50,866 and open interest of 438.
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Source: Barchart, Unusual Whales, Barron's, The Motley Fool
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