Options Traders Target Intel Stock's Rebound

Semiconductor stock Intel Corp (NASDAQ:INTC) has had quite a choppy year so far, though the $18 region has kept pullbacks in check. The shares turned sharply lower at the end of last month with help from a post-earnings bear gap, but have been rebounding since the beginning of August. 

At last check, INTC was down 1.1% to trade at $24.29. The 320-day moving average -- which the stock closed above late last week for the first time since April 2024 -- appears to be moving in as support, however. Year-to-date, the equity is up 21%. 

Options traders have been targeting the equity amid its recent climb. INTC landed 6th on Senior Quantitative Analyst Rocky White's list of equities with the highest options volume over the past two weeks. In the last 10 sessions, the stock has seen 5,681,978 calls and 1,907,256 puts exchanged. The most popular contract during this time frame was the August 25 call, followed by the August 23 call. Last week, the stock wasn't on the list at all.

Options traders are still targeting INTC, with overall options volume running at double the intraday average volume. So far, 776,000 calls have been exchanged in comparison to 353,000 puts. The weekly 8/22 25-strike call is the most popular, with new positions being bought to open there. 

These options are reasonably priced at the moment, too. Intel stock's Schaeffer's Volatility Index (SVI) of 54% ranks in the 24th percentile of its annual range, meaning options traders are pricing in low volatility expectations.