Lightning eMotors just struck a multi-year deal with REV Group's subsidiary Collins Bus
The shares of electric vehicle concern Lightning eMotors Inc (NYSE:ZEV) are up 9.8% at $9.50 this afternoon, following this morning's news that the company struck a multi-year deal with REV Group's (REVG) subsidiary Collins Bus. All-electric Type A school buses will be manufactured under the deal, which includes an initial firm order commitment of roughly $11 million over the following two years, and over 100 school buses will be deployed across the U.S. and Canada over the next five years.
Calls are being picked up at an incredible rate today, with 69,000 exchanged so far -- six times the intraday average and nearly 19 times the number of puts exchanged. The most popular positions by far are the September 10 and 12.50 calls, with positions being opened at both.
Today's pop has ZEV reaching back toward its Aug. 11, five-month peak. The stock just toppled pressure at its 100-day moving average, and is pacing for its third-straight daily win. ZEV has added an impressive 47% in August, but remains down 27.9% since the start of the year.
Circling back to options activity, this bullish sentiment has been the norm. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 13.12 calls have been picked up for every put during the past 10 days.