Options Traders Continue Bullish Bets on Mid-Cap Tech (QLGC)

Shares of QLogic Corporation (NASDAQ: QLGC) are higher on the session by 2.10%, currently trading at $16.68. The stock has been moving largely lower over the past five months, off from recent highs near $22.25. The stock has recently regained the 18-day and 50-day moving averages, which is a short-term bullish sign, though.

Options traders are flocking to the calls in this name as well. The October $17.50 strike was purchased 5,100 times, on the offer, shortly after the opening bell. Open interest on the strikes 6,061 contracts.

Traders seem to be searching for every single tech name around that $2.00 billion market cap level and betting on upside; QLGC has a market cap of $1.8 billion.

QLogic Corporation is a designer and supplier of network infrastructure products that enhance, manage and support the transmission of data from computer servers to storage systems and from computer servers to other servers. Computing and storage systems handle large volumes of data and require network infrastructure products that enable fast transfer of data and efficient sharing of resources. The company's products are used in connection with three types of networks: Storage Networks, High Performance Computing, Networks, and Converged Networks.