Options Market Statistics: SoFi Stock Soars After First Quarterly Profit, Options Pop

Options Newsman joined discussion · Jan 30, 2024 09:01

News Highlights

$Tesla (TSLA.US)$ shares rose by 4.19%, closing at $190.93. Its options trading volume is 2.21 million. Call contracts account for 54.3% of the whole trading volume. The most traded calls are contracts of $190 strike price that expire on February 2nd. The total volume reaches 166,766 with an open interest of 27,669. The most traded puts are contracts of a $185 strike price that expires on February 2nd; the volume is 106,538 contracts with an open interest of 10,817.

Cathie Wood, a staunch Tesla supporter, is capitalizing on the recent dip in Tesla Inc.'s stock, despite a growing pessimism on Wall Street. In January, her firm ARK Investment Management, through its ETFs, purchased nearly 690,000 Tesla shares for an estimated $141 million. This buying spree marks a shift from ARK's previous three quarters of selling Tesla shares. Tesla is currently the third and sixth largest holding in ARK's Innovation ETF and Next Generation Internet ETF, respectively. Despite Tesla's stock price falling 25% this month amid concerns of decreasing EV demand and tempered stock expectations, Wood's main fund has seen a 68% increase in 2023, even though it is currently down nearly 10%. After a less-than-stellar fourth-quarter earnings report from Tesla, ARK bought over 360,000 shares, maintaining their bullish outlook with a projection of Tesla's stock reaching $2,000 by 2027, largely driven by the anticipated robotaxi business. Wood's investment strategy focuses on transformative companies with a five-year investment horizon.

We think it shows conviction in the long-term story and we believe a lot of investors were waiting for a buying opportunity after TSLA shares more than doubled last year," said Garrett Nelson, vice president and senior equity analyst at CFRA Research. "They are getting that opportunity now with the stock's year-to-date selloff."

$SoFi Technologies (SOFI.US)$ shares rose by 20.21%, closing at $9.16. Its options trading volume is 1.35 million. Call contracts account for 70.1% of the whole trading volume. The most traded calls are contracts of $9 strike price that expire on February 2nd. The total volume reaches 140,544 with an open interest of 50,331. The most traded puts are contracts of a $9 strike price that expires on February 2nd; the volume is 61,641 contracts with an open interest of 3,110.

SoFi Technologies Inc. shares jumped over 20% on Monday after the online bank and personal finance lender posted its first quarterly profit Monday as sales and membership soared for the fourth quarter.

The California-based bank reported fourth-quarter net income of $47.9 million, or 2 cents per share. Revenue jumped 34% from the prior-year quarter to a record $594.25 million. Both results exceeded forecasts.

$Lucid Group (LCID.US)$ shares rose by 27.17%, closing at $3.37. Its options trading volume is 0.36 million. Call contracts account for 68.8% of the whole trading volume. The most traded calls are contracts of $3.5 strike price that expire on February 2nd. The total volume reaches 54,561 with an open interest of 7,185. The most traded puts are contracts of a $3 strike price that expires on February 2nd; the volume is 21,134 contracts with an open interest of 7,602.

Lucid stock is up a staggering 27% today on news that the electric vehicle (EV) maker has signed a promising new materials deal.

Today, news broke that Lucid has inked a three-year agreement with Ma'aden Rolling for the supply of aluminum panels for its U.S. Lucid manufacturing facilities. Ma'aden Rolling can produce about 460,000 tons of high-quality aluminum sheets per year. It also produces can sheets and tabs used to produce aluminum cans.

Notably, Ma'aden Rolling is a subsidiary of Ma'aden (aka. Saudi Arabia Mining Co.), which is state-owned. Meanwhile, Lucid is majority-owned by Saudi Arabia's Public Investment Fund.

The deal should enhance Lucid's production capacity. Interestingly, Saudi Arabia's government has pledged to buy up to 100,000 Lucid EVs over the next 10 years. The government seems to want to support the non-combustion transition and jumpstart its automotive industry.

Starting last July, Saudis can rent Lucid vehicles directly from the car maker, further supporting the Kingdom's sustainability movement.

Options Market Statistics: SoFi Stock Soars After First Quarterly Profit, Options Pop

Unusual Stock Options Activity

Some notable call activity is being seen in $Bank Bradesco SA(prefer share ADS) (BBD.US)$, which is primarily being driven by activity on the 21-June-2024 call. Volume on this contract is 15,692 versus open interest of 137.

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Daily Active Index & Sector ETF Options

Source: Barchart, Unusual Whales, CNBC

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