Options Bulls Pick Up MongoDB Stock After Selloff

MongoDB (NASDAQ:MDB) stock is surging 5.9% to trade at $356.93 at last glance, while attracting plenty of attention in the options pits. So far, 43,780 calls and puts have crossed the tape, more than double the average intraday volume of 20,822 contracts. Options traders are leaning bullish amid the rally, with MDB sporting a positive net option delta volume of 84,000 shares.

The stock fell 18.5% on Monday after news that Meta Platforms (META) poached MongoDB CEO Chirantan "CJ" Desai to spearhead a new business designed to bring the platform's AI tools to corporate customers. Familiar support at the $300 level helped keep losses in check, however, and call traders now appear to be buying in on the dip.