Last time we checked in with Nvidia Corp (NASDAQ:NVDA), options traders were loading up on the tech titan after an overall encouraging earnings report, even if the charts didn't agree. Fast forward three weeks, with its landmark GPU Technology Conference (GTC) underway over the next three days, let's see if any options trends have changed.
For over a year now, NVDA has landed on Senior Quantitative Analyst Rocky White's list of stocks seeing the most options volume in the past 10 days. In this timeframe, the stock has seen 17.4 million calls and 12.2 million puts traded, with the June 150 calls seeing notable activity, with spread activity detected, per Trade-Alert. Shorter term, the weekly 3/13 and 3/6 185-strike calls are leading the charge.
Nvidia stock is 2.9% higher to trade at $185.45 today, with buzz building about the debut of new chips at GTC. Despite contending with their year-to-date breakeven level, the shares have chart support at their ascending 200-day moving average, as well as the $4.5 trillion market cap level.
It's worth noting that Nvidia's Schaeffer's Volatility Scorecard (SVS) comes in at 18 out of 100. In other words, the stock has consistently realized lower volatility than its options have priced in over the past 12 months, making it a premium selling candidate.
