$EQT call prices rise 7-fold

Bullish option traders are turning a hefty profit today in EQT Corporation (EQT) this session.

On Mar. 14, Market Rebellion’s Unusual Activity Service found that 18,529 June $28 calls were bought as part of a bullish roll for $2.00 above the existing open interest of 557 contracts with shares at $25.36.

Those calls are currently marked at $15.80, over 7.5 times their purchase price. The stock rose 72.48% in the same time period, 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.

EQT was last down 2.04% to $43.74.