Protection Purchased on Callaway Golf (ELY)
Shares of Callaway Golf Co. (NYSE: EKLY) are higher on the session by 1.62%, currently trading $8.17. The stock has been gyrating lower for the past five weeks and is now testing the 200-day moving average.
Puts are being purchased on the name today with the November $7.50 strike put purchased 1,450 times for $0.80. Open interest on the line is only 70 contracts, which signals new, bearish positioning.
Benzinga highlighted put buying in the name two weeks ago; the stock has sold off 4.20% since then.
Callaway Golf Company together with its subsidiaries, designs, manufactures and sells golf clubs (drivers, fairway woods, hybrids, irons, wedges and putters) and golf balls.
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