The shares of Uber Technologies Inc (NYSE:UBER) are 8.1% higher to trade at $78.87 at last glance, brushing off first-quarter revenue that came in slightly below estimates after the rideshare giant announced an upbeat current-quarter outlook.
The stock is pacing for its best single-day percentage gain since February 2025, but continues to face resistance at the $80 region, which capped rallies back in April and March. UBER is on track to close above its 100-day moving average for the first time since November, but still carries a 3.4% year-to-date deficit.
Options traders lean bearish. The security's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits in the 90 percentile of its annual range. An unwinding of this pessimism could create additional tailwinds for UBER.
Drilling down to today's options activity, 56,000 calls and 30,000 puts have crossed the tape so far, which is triple the volume typically seen at this point. The most active contract is the May 80 call, with new positions being bought to open at the weekly 5/22 81-strike call.
Finally, UBER's Schaeffer's Volatility Scorecard (SVS) comes in at 9 out of 100. In other words, shares have consistently realized lower volatility than options traders have priced in over the past 12 months, making it a premium-selling candidate.
