Call buyers clean up in $PG

Bullish option traders have more than doubled their money in Procter & Gamble.

On Dec. 31, Investitute’s tracking systems detected the purchase of 10,000 June $95 calls in one print for $3.60 with shares at $91.38. This was clearly a new position, as open interest in the strike was only 1,723 contracts before that session began.

Those calls sold for $8.67 today, more than 2.5 times their purchase price. The stock rose 12.33% in the same time, illustrating the kind of leverage that can be achieved with options.

Long calls lock in the price where a stock can be purchased, gaining with a rally and providing leverage to the underlying shares. The contracts can quickly lose value if the stock stalls or pulls back but also carry less risk than owning the shares themselves.

PG reached a session high of $103 today before pulling back to close at $102.92, off 0.1%. The consumer packaged-goods giant is up sharply since its quarterly results in January and reached an all-time high of $103.48 yesterday.