Penn Entertainment stock attracted high weekly options volume
Penn Entertainment Inc (NASDAQ:PENN) has been seeing pressure around the $27 level since early May, and was rejected there once more last week, with added pressure coming from its 100-day moving average. Year-to-date, the stock is down 12.7%, and is off 0.4% to trade at $25.88 at last glance.
The casino stock has been popular amongst options traders of late. Per Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks that have attracted the highest weekly options volume in the past 10 days, PENN saw 253,946 calls and 48,718 puts traded during that time. The most popular contract over that period was the July 30 call.
The penchant for bullish bets is nothing new, according to the stock's 50-day call/put volume ratio of 7.03 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 99% of readings in its annual range.