Calls Purchased in Tessera Tech (TSRA)

Shares of Tessera Technologies Inc. (NASDAQ: TSRA) are lower on the session by 2.85%, currently trading $17.71. Shares are now trading well below the 50-day and 200-day moving averages, though it looks like the stock has found support around the $18 level.

Options traders are buying calls in the name today, namely the June $17.50 call, which traded 1,100 times fro $1.35 a short while ago. Open interest on the strike is only 526 contracts, which indicates new, bullish positioning.

Call volume is running at 2.69x the daily average with 80% of all calls traded being purchases on the offer.

Tessera Technologies, Inc. develops, licenses and manufactures technologies in two areas: Micro-electronics, and Imaging & Optics.