POET Technologies surges on explosion of call demand

POET Technologies surges on explosion of call demand

POET Technologies is mooning amid intense options activity and little news.

Call volumes of roughly 220,000 are running well above the 20-day average of 132,000, with the stock up more than 30% at its highs of the day.

Shares of the optical communications company cratered last week after it announced that Marvell Technology canceled a purchase order, citing a breach of confidentiality. That breach was most likely from a media appearance by CFO Thomas Mika the week prior.

The most active call traded is the July 17 expiry with a strike price of $9 — a contract that’s now in the money with today’s advance, and expires two days after POET is expected to release its Q1 results.

The stock is among the top 15 most discussed tickers on the r/WallStreetBets subreddit over the past 12 hours, per SwaggyStocks.

A more established firm in the same industry, Lumentum, is slated to report earnings after the close on Tuesday.