$UBER option bulls triple money

Option traders are booking profits on upside positions in Uber (UBER) today.

On Sep. 7, Market Rebellion’s Unusual Activity Service found that 3,500 Weekly $42 calls, expiring this Friday, Sep. 24, were bought for $0.87 as part of a bullish roll above the existing open interest of 996 contracts with shares at $40.78.

Those calls traded for as much as $3.00 so far today, or over 3 times their purchase price. The stock rose 9.98% in the same time frame, 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.

UBER was last at $44.65, up 12.24% on the session.