Bonawyn Eison Sees Unusual Options Activity In Docusign

On CNBC's "Options Action," Bonawyn Eison said that calls outpaced puts three to one in Docusign Inc DOCU on Wednesday. The company is going to report earnings on Thursday and the options market is implying a move of 20% in either direction. The average move for the event is 11%.

One trade caught Eison's attention.

During the session, there was a purchase of 5,000 contracts of the September 4, $300 calls for $17. The trade breaks even at $317 or around 20% above the closing price on Wednesday. Eison believes this could be a stock replacement strategy as the buyer is risking only 6.4% of the current stock price to get upside exposure.