Make the Right Call on this Stock Exchange Operator

Short interest rose 85% from November to September

Oct 25, 2023 at 11:06 AM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this CBOE commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

Cboe Global Markets Inc (BATS:CBOE) stock hit an all-time high on Oct.18, following news that the company secured commitments from a broad range of participants to begin offering equity options in Europe as soon as November, pending regulatory approvals. 

Though the equity then pulled back slightly amid broader market headwinds, it has been trending since its breakout above $145, which is five times its initial public offering (IPO) price and the site of a trendline connecting higher highs since 2018.

CBOE WT Chart October 252023

The brokerage bunch is skeptical despite the stock’s strong year-to-date and year-over-year returns. In fact, 10 of the 18 analysts in question carry a tepid "hold"  or worse rating. Plus, short interest rose 85% from November to September, with shares adding 25% in this period. This indicates shorts are underwater and could get squeezed out.
It’s also worth noting that implied volatility (IV) on our recommendation stands at 19%. Our recommended December call has a leverage ratio of 11.7, and will double on a 10.5% pop in the underlying shares.


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