The most popular GameStop options contract on Thursday was a bet that the shares would climb to that price on Friday, Bloomberg data show.
More than 52,000 of those contracts were traded as the video-game retailer’s stock climbed more than 141 percent over two days to close at $108.73 on Thursday, according to the data.
The contracts are known as call options, which give buyers the right to purchase a stock at a certain price before a specific date without requiring them to ultimately take the shares.
The odds of GameStop reaching the $800 mark on Friday are pretty slim even though Reddit’s army of retail traders has started pumping up the stock again.
The Texas-based company’s shares were trading at $122.05 as of 8:05 a.m., up 12 percent from the prior day but still less than one-sixth of the price specified in those hot options contracts.
But that hasn’t stopped traders from placing other lofty wagers. The second-most-active options contract bet that GameStop would hit $200 on Friday — a mark it hasn’t reached since Feb. 1 — while Nos. 7 and 8 anticipated the stock vaulting $800 by March 5 or March 19, Bloomberg figures show.
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