Market Overview

Puts Sold on hhgregg Inc. (HGG)

Shares of hhgregg Inc. (NYSE: HGG) ended the session higher by 3.66%, trading at $21.50. The stock has been trading largely higher over the past six months, but has broken down as of late, through the 50-day and 200-day moving averages.

Options traders were selling puts on the name today. The August $22.50 put was sold 1,800 times on open interest of 1,252 contracts. It is possible that a long put position was closed out during today’s trade.

Put volume ended the session at 2.6x the daily average.

hhgregg, Inc. is a specialty retailer of consumer electronics, home appliances, mattresses and related services operating under the names hhgregg. As of March 31, 2010, the company operated 131 stores in Alabama, Florida, Georgia, Indiana, Kentucky, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia.

Posted-In: Long Ideas Technicals Options Trading Ideas

 

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