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Options activity recently in Red Hat Inc (NYSE: RHT) shares suggest a post-earnings move for the stock of nearly 7.5 percent, TD Ameritrade Chief Strategist JJ Kinahan told Benzinga.
"They're not a big options trader," Kinahan said of Red Hat. "But they've traded three times the average calls today and three times the average puts today."
The Raleigh, North Carolina-based software company is expected to post earnings of 0.41 a share on revenue of $472.6 million after the bell Thursday.
Red Hat shares are up about 17 percent in the past 3 months and changed hands recently at $78.55, up $0.25.
The company has beaten Wall Street's earnings expectations in each of the past four quarters.
Following three of Red Hat's last four earnings reports, its shares have moved higher, according to See It Market.com.
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.
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