Bears Do a Double Take on Take Two

Shares of Take-Two Interactive (NASDAQ: TTWO) are falling sharply today by over 4.25% to $10.68 as the overall market wanes. Put buyers are coming out of the woodwork in the name as well, pushing Take-Two’s put/call ratio to 516x the norm. The majority of the action is coming in May, where the $12.50 and $10 puts were bought 3,200 and 1,000 times, respectively. The trades have all occurred on the offer, indicating purchases. Volume on both strikes surpassed open interest.

Take-Two Interactive is still trading above its 50 and 200-day moving averages, which should help support the stock around $10.