Kinross Gold Corporation (NYSE: KGC) is seeing some elevated options trading today out in April. Shares are up 1.5% at $10.74, but the action is out in the April call options in the $11 and $12 strike prices as you can see below with the strike price, volume, and open interest:
CALLS Vol. OpInt
$11.00 11,599 489
$12.00 16,082 1,372
When you see large contracts trading like this and a very low open interest it signals new positions being taken rather than close-outs of a prior position. These are also not roll-out trades from March either because the $11 strike price in March has open interest of 4,259 contracts. The $12 strike did have a large open interest in March of 14,450 contracts.
Kinross Gold’s $10.74 share price compares to a 52-week trading range of $9.96 to $18.25. On a fully leveraged basis as of 1:45 that is worth more than 2.7 million shares.
JON C. OGG
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