$ZNGA bulls triple their money

Option traders scored big profits again in Zynga today.

Back on Jan. 8, Investitute’s market scanners flagged the purchase of 35,000 September $4.50 calls for $0.62 as part of a bullish spread with shares at $4.42. Open interest in the strike was a mere 2 contracts before that session began, showing that this was a new position.

Those calls were marked at $1.79 this afternoon, about 3 times their purchase price. The stock surged 39.6% in the same time period, a huge move but still nowhere near that of its options on a relative basis.

It is the second winning trade in the name posted on Investitute in the last three sessions.

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.

ZNGA was up 2.32% to $6.17 today. The social-game developer topped revenue expectations and raised its outlook after the market closed on May 1.