Options traders targeted META over the past two weeks
Meta Platforms Inc (NASDAQ:META) movement on the charts is mirroring the major indexes today, as the equity trades flat following last session's record highs. The recent Big Tech rally was fueled by artificial intelligence (AI) tailwinds and a monster response to Nvidia's (NVDA) strong earnings. However, META took a step back after pausing its Gemini AI tool after the creation of inaccurate historical depictions.
Also newsworthy today, the U.S. Supreme Court is questioning whether or not Republican-backed laws in Florida and Texas, which would restrict the ability of social media platforms to govern what they do and don't publish, infringe on the free speech rights of those companies.
At last glance, META was up 0.2% at $484.89, after Friday hitting an all-time high of $494.35. Since last February, the security is up roughly 184%.
This positive price action has attracted options traders. According to Schaeffer's Senior Quantitative Analyst Rocky White's list of stock that have attracted the highest options volume during the last 10 days, META has seen 3,910,892 calls and 1,722,583 puts exchanged. The most popular contract during this time was the February 480 call, followed by the weekly 2/23 500-strike call.
This penchant for bullish bets is nothing new. According to data at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 2.53 stands higher than 98% of readings from the past year.