Trading Insights
Jon Najarian UOA: Possible “Massive” Short Squeeze in These 2 Stocks
Jon Najarian identified unusual options activity in two stocks primed for a short squeeze following Carvana’s big stock market moves.
Jon Najarian joined Fox Business’ Charles Payne to talk about unusual options activity in several highly shorted stocks.
The conversion opened up with Carvana (CVNA), a company with a massive short interest amounting to more than 50% of the float. Carvana shares recently surged higher this week in an apparent short squeeze.
Jon noted that Market Rebellion identified bullish unusual options activity in Carvana recently, with the stock trading under $14 per share, before moving onto two highly shorted stock market names that he thinks are primed to take off next.
SOFI Unusual Options Activity
The first Unusual Options Activity Jon noted was today’s big buying in SOFI call options. Specifically, 29,546 calls bought in the June 30th $9 strike calls for around $0.33. That buying was the second unusual trade in SOFI today — the first was in June 16th $9.50 strike for about $0.14 per contract. SOFI doesn’t have the same level of short interest as Carvana, but it is significantly above average at 13.62%.
Beyond Meat Unusual Options Activity
The second Unusual Options Activity Jon Najarian noted was in a stock that Jon said has the potential for a “massive short squeeze” — Beyond Meat. As part of his reasoning, Jon noted big buying in the June 16th $12 strike calls. This stock has seen extremely elevated short selling on Thursday, and at 43.63% of float shorted, there’s not a lot of wiggle room for shorts if this stock starts to move higher.
For more unusual options activity like this every week, try a month of unusual options activity today.
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