Shares of Joby Aviation, Inc. (JOBY) skyrocketed 13.58% on Friday morning, propelled by a significant increase in bullish options trading activity on the electric air taxi company's stock.
According to data from trade monitoring firms, JOBY's call option volume surged to around 34,819 contracts by mid-morning, nearly 9 times the expected level. Additionally, the stock's implied volatility, a measure of expected price swings, spiked almost 44 percentage points to 98.19%.
The unusually high call option volume and surging implied volatility suggest traders are positioning for further upside in JOBY's share price in the near term. Call options grant the buyers the right, but not the obligation, to purchase a stock at a predetermined price within a certain timeframe.
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