Puts Purchased on Penske Automotive Group

Shares of Penske Automotive Group (NYSE: PAG) are lower on the session by 2.05%, currently trading at $23.47. The stock has been moving largely higher over the past six weeks and is currently trading above the 50-day moving average.

Options traders are buying puts on the name today. A short while ago the August 2011 $22.50 put traded 2,000 times on open interest of 5 contracts.

Overall put volume is now running at 540.25x the daily average with 94% of all puts traded being purchases on the offer.

Penske Automotive Group, Inc. is an automotive retailer in the United States. The company, through smart USA Distributor, LLC, which is a wholly owned subsidiary, is a distributor of the smart fortwo vehicle in the United States and Puerto Rico.