Bulls think EnerNOC still has energy
EnerNOC has been ripping, and the bulls are looking for more.
optionMONSTER's Heat Seeker monitoring program detected the purchase of more than 1,300 October 12.50 calls for $0.15 to $0.30. Volume is more than 16 times open interest at the strike.
Those long calls lock in the price investors must pay to buy shares in the company, whose products help utilities reduce wasted energy. They could generate some major leverage if the stock continues to rally but will expire worthless if it doesn't. (See our Education section)
ENOC is up 9.63 percent to $11.04 in afternoon trading and more than 80 percent in the last three months. Most of those gains came after Aug. 7, when the shares gapped higher following a strong earnings report. Management also raised guidance because of better visibility from customers.
Today's trades pushed total option volume in the name to almost 10 times normal levels. Calls outnumber by a bullish 12-to-1 ratio, according to the Heat Seeker.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.