Riot Platforms' Gamble: Unpacking the Big Money Moves

Riot Platforms' Options: A Look at What the Big Money is Thinking

Riot Platforms, the parent company of League of Legends and other popular gaming franchises, has seen a surge in options trading activity in recent weeks. The company's stock has been on a tear, more than doubling in value since its initial public offering (IPO) in October. As a result, options traders are taking notice and placing bets on the company's future direction.

According to data from Benzinga Pro, the most traded options contracts for Riot Platforms are the April 15, 2023, $60 and $70 strike calls. These contracts have seen significant volume and open interest, indicating that many traders are betting on the company's stock continuing to rise.

One of the most active traders in Riot Platforms options is a group of institutional investors who have been buying up calls with a total value of over $1 million. This group, which includes a few major hedge funds, is betting that Riot's stock will continue to climb in the coming weeks.

Another notable trend is the high volume of buying activity at the $70 strike price. This suggests that many traders are targeting a price level that would represent a significant gain from the company's current stock price. The $70 strike price is also a key level for Riot Platforms' stock, as it represents a 15% gain from the company's current price.

On the flip side, there is also significant selling activity at the $50 strike price. This suggests that some traders are taking a more cautious approach and are preparing for the possibility that Riot's stock may pull back in the coming weeks.

Overall, the options market is indicating a strong bullish bias towards Riot Platforms, with many traders betting on the company's continued growth and success. However, it's always important to remember that options trading involves significant risk and should only be undertaken by experienced investors.