Unusual Options Activity: FireEye (FEYE)

Trader bets on rally in next week.

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  • With 8 days until expiration, the February 7th $16 call options on FireEye (FEYE) saw an explosion in volume, going from 170 open contracts to over 7,350—a 43-fold rise.

    The bet, which is essentially at-the-money as shares trade around $16, cost the option buyer about $0.50, or $50 per contract.

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    The trade will profit the buyer only if shares clear $16.50 by the option expiration.

    With FireEye reporting earnings on February 5th, this trade is a bet on a rally in shares after earnings.

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  • Action to take: Speculators looking to potentially double their money in a week—or lose a small sum—may like this options trade. If shares drop for any reason after earnings, however, this trade will likely go to zero quickly, making for a very binary trade.

    We see further upside in FireEye and other companies in the cybersecurity space, although it will take longer than a week to play out. With shares down 10 percent over the past year, the long-term struggle is clear.

    Based on how well earnings season has been going so far, the trade has a good chance of producing some quick profits. For traders who like to have more time for the trade to work out, a longer strike date would be better.

    Shares are also attractive in the $16 range for long-term buyers as well.

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