Amazon.com Inc (NASDAQ:AMZN) stock is hitting fresh record highs, after yesterday surpassing $2 trillion in stock market value for the first time. One of the company's investments, Rivian Automotive (RIVN), gave shares a boost thanks to its venture with Volkswagen Group.
Plus, BofA Global Research reiterated its "buy" rating on AMZN and raised its price target to $220 from $210. The analyst in question noted it's still its number one pick among large-cap stocks and Big Tech stocks this year.
Amazon.com is also reportedly update reportedly considering a service for low-cost goods from China, pitting itself against Temu and Shein. Up 2.6% at $198.64 at last glance, the equity is 30.3% higher so far in 2024.
AMZN is no stranger to Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest options volume in the last 10 days, and this week is no different. Bullish bets have been extremely popular during the past two weeks, with 6,606,075 calls traded during this time, compared to 2,1287,789 puts. The weekly 6/28 190-strike call was the most popular contract.
Traders remain optimistic today. So far, 1.42 million calls have been exchanged today alone -- quadruple the intraday average volume -- compared to 433,000 puts. Expiring tomorrow, the weekly 6/28 200-strike call is the most popular, followed by the 197.50-strike call in that series, with new positions opening at both.
These options are reasonably priced at the moment, too. AMZN's Schaeffer's Volatility Index (SVI) of 25% sits in the low 9th percentile of its annual range, meaning premium traders are pricing in low volatility expectations.
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