PayPal saw higher-than-usual weekly options volume
PayPal Holdings Inc (NASDAQ:PYPL) is 2.1% higher to trade at $63.06 at last check. After falling to
six-year lows at the end of October, PYPL swiftly recovered, now up 23.7% year-over-year. Just a month into 2024, PayPal stock is already up 2.7%.
In addition, PayPal stock just made it to Schaeffer's Senior Quantitative Analyst Rocky White's list of names that have attracted the most weekly options volume in the last two weeks. Digging deeper, 2,719,285 calls and 957,100 puts have been exchanged. The most popular contract during that two-week period was the weekly 1/26 65-strike call, followed by the February 75 call.
Supporting this call bias is data out of the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The security boasts a 50-day call/put volume ratio of 4.50, which ranks higher than 99% of readings from the past 12 months.
Analysts are more hesitant towards PYPL, however, with 22 of the 36 in question carrying a tepid "hold" rating. In simpler terms, there remains plenty of room for bull notes in the coming weeks, should this bearish brokerage sentiment begin to unwind.