Meta Options Traders Betting On Stock Continuing To Move Higher

Several stocks, including, Chipotle Mexican Grill, Microsoft Corporation, McDonald's Corporation and Alphabet had big reactions to earnings results this week. Meta Platforms, Inc. (NASDAQ: META) shares jumped around 14% on Thursday after the company posted better-than-expected quarterly results.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Meta was the third-busiest single stock and traded more than 3x average daily options volume on Thursday, with calls outpacing puts volume.

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There were buyers of 23,764 of the May 5 weekly 250-calls at an average price of $1.82 per contract, Khouw mentioned.

The trader expects Meta’s stock to continue to move higher through next week.

The Mark Zuckerberg-led company reported first-quarter earnings per share of $2.20, beating the consensus estimate of $2.02. Revenue climbed 3% year-over-year to $28.65 billion, compared to the Street estimate of $27.65 billion.

Price Action: Meta shares rose 13.9% to close at $238.56 on Thursday.

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