Mike Khouw Sees Unusual Options Activity In Clover Health

On CNBC's "Options Action," Mike Khouw said Clover Health Investments Corp (NASDAQ:CLOV) was the busiest name in the single stock options space on Tuesday and it traded 15 times its average daily options volume.

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The most active options were the June $22 calls with more than 260,000 contracts traded for about $4.60. The breakeven for the trade is $26.60 or around 20% above the closing price on Tuesday. The options market is implying a move of around $10.50 by a week from Friday, said Khouw.