Lions Gate Entertainment Corp. (LGF) is a global company with diversified presence in television programming, home and family entertainment, and motion picture production. LGF is trading at $33.50 around the upper end of its 52 week range of $25.71-$35.75. Year to date the stock has outperformed the market, rallying 4.47%. The stock ripped up today by about 4.60%. This move happened after an unusually large number of bullish options hit the tape this morning.
Early on a trader bought 5,294 of the LGF July 35 Calls for $0.70 at the market price when the stock was trading at $32.99. This order was recorded about an hour and a half after the open on OptionHacker and the stock ripped about $0.46 after the trade hit the tape. Over 8,800 of the July 35 Calls have been traded today hinting at bullish sentiment in the options market. The July 35 Calls have traded as high as $0.95 today making this a highly profitable trade.
Trade: A trader bought 5,294 of the July 35 Calls for $0.70
Risk: $70 per 1 lot
If a trader would have purchased a 20 lot of these calls they would have seen profits of $450 at the highs in a matter of hours. This trade is a great example of hugely profitable unusual options activity.