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Twilio Inc. (NYSE:TWLO) shares dropped sharply on Wednesday.
On CNBC’s "Options Action," Brian Stutland of Equity Armor Investments said Twilio traded at 5x average daily put volume on Wednesday.
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There was a seller of 10,000 of the May 45 puts at an average price of $1.05 per contract, Stutland mentioned.
The trader expects that the bottom is somewhat near for Twilio and other tech stocks, which got hit hard on Wednesday.
KORE Group Holdings, Inc. (NYSE:KORE) recently agreed to acquire Twilio's IoT business unit. In February, Twilio reported strong fourth-quarter results and announced a $1 billion buyback program.
Price Action: Twilio shares dropped 7.6% to close at $59.32 on Wednesday, and lost another 0.1% in the after-hours trading session. Shares of software companies, including Twilio traded lower, the weakness may be due to concerns over a U.S. economic slowdown, which could negatively impact risk sentiment.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.