Canadian Solar Inc. (CSIQ) is a designer, developer and manufacturer of solar panels based in Canada. The company’s stock is currently trading around $24.40 in a 52 week range of $20.64-$44.50. The stock has been weak over the past year with shares falling nearly 29% over the past 12 months. Despite the weakness in the stock over the past year traders have been getting long CSIQ as a day trade setup during today’s trading session.
Earlier this afternoon a trader bought 761 of the CSIQ Jan 2nd Weekly 23 Calls for $0.95 while stock was trading $23.86. The stock ripped higher after these calls hit OptionHacker and shares of CSIQ traded as high as $24.60 meaning that a trader could have exit the calls or sold stock against them for a very fast profit. This was a very profitable setup especially considering that it was singled in a contract that expires today at the close.
Trade: A trader bought the CSIQ Jan 2nd 23 Calls for $0.95
Risk: $95 per 1 lot