GME and COIN are seeing unusual options activity today
GameStop Corp (NYSE:GME) and
Coinbase Global Inc (NASDAQ:COIN) shares are making outsized moves today amid
Bitcoin (BTC) and earnings buzz. Let's dig deeper into the catalysts below.
GameStop Weighs Crypto
GME is up 5.4% to trade at $27.75 at last glance, following reports that the company is considering investing in cryptocurrencies, including BTC. The equity already sports an 81.5% year-over-year lead, and is on track for its biggest weekly percentage gain since late December. Overhead pressure at the $30 level and the 40-day moving average still remain, though.
Drilling down to today's options activity, 76,000 calls and 19,000 puts have crossed the tape, which is triple the intraday average volume. The weekly 2/14 30-strike call is most popular, with contracts expiring at the close.
COIN Brushes Off Earnings Beat
COIN was last seen 5.2% lower at $282.48, despite the crypto exchange platform's top- and bottom-line win for the fourth quarter, featuring record revenue growth of 130%. Shares are brushing off five-price-target hikes, including one from Canaccord Genuity to $300 from $280. The stock boasts a solid 73.3% year-over-year lead, but has remained below the $320 level since December.
Already today, 82,000 calls and 34,000 puts have crossed the tape, which is triple the amount typically seen at this point. The most active contract by far is the February 300 call.