$YNDX bulls double their money in hours

Bullish bets made on Yandex N.V. paid off only hours after they were opened today.

Just this morning, Investitute’s market scanners identified the purchase of 5,500 Weekly $35.50 calls, expiring tomorrow, from $0.25 and $0.40 with shares at $35.16. Open interest in the contract was only 66 before the session began, indicating that this was a new position.

Those calls traded for as much as $0.80 just 2.5 hours later, double their purchase price. The stock rose 2.1% in the same time frame, a large move in one day but nothing like that of its options on a relative basis.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

YNDX closed up by 2.18% at $35.60 today. The Russian IOT company’s shares rose alongside strength in other equities traded in Moscow.