Puts Sold on Echelon Corp. (ELON)

Shares of Echeon Corp. (NASDAQ: ELON) are higher on the session by 5.42%, currently trading at $7.59. The stock has been trading largely lower over the past six months and is currently in a technical downtrend.

Options traders are selling puts on the name today. The August $7.50 put was sold 1,700 times, near the bid, a short while ago. Open interest on the strike is 2,089 contracts; this may have been position closing.

Put volume is now running at 15x the daily average.

Echelon Corporation develops, markets, and sells system and network infrastructure products. In the building, home, industrial, transportation and other automation markets, the company sells a line of control networking products to original equipment manufacturers (OEMs).