Calls Purchased on GigaMedia (GIGM)
Shares of GigaMedia Limited (NASDAQ: GIGM) ended the session up 12.39%, trading at $2.45. The stock has been drifting lower and lower over the past three years and is still trading in a technical downtrend.
Options traders were buying calls on the name today. Though action has consisted primarily of small lots, call volume was running at 2.4x the daily average with over 88% of all calls traded being purchases on the offer.
Traders were focusing on the $2.00 and $2.50 strikes in multiple months.
GigaMedia Limited is a provider of gaming software and services to the online gaming industry, particularly the online poker and casino markets, and an operator of online games. GigaMedia operates its gaming software and services through Cambridge Entertainment Software Limited, its wholly owned subsidiary.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.