AMC Entertainment Inc (NYSE:AMC) CEO Adam Aron announced Tuesday morning a $56-million investment in Hycroft Mining (NASDAQ:HYMC), a company that focuses on mining precious metals.
Investors rushed to the news, buying common shares of Hycroft Mining stock, at one point pushing it 93.88% higher over the previous day’s close.
The gold rush immediately sold off, and unusual options were ticked. The stock fell 43.04% off of its opening highs of $2.70, closing at $1.52.
For the uninitiated, unusual options activity is identifying specific options contracts that are trading a high amount of volume relative to the contract's average daily volume.
Using Benzinga Pro, we were alerted to the unusual options activity as they were traded. Here they are, and how we did it.
A bundle of 507 contracts traded on the $2.50 strike calls for May, 20, 2022, near the ask of 0.54, with a total trade value of $27,834.
A bundle of 493 contracts traded on the $2.50 strike calls for May, 20, 2022, at the ask of 0.55, with a total trade value of $27,066.
A bundle of 955 contracts traded on the $2.50 strike calls for April, 14, 2022, below the ask of 0.30, with a total trade value of $28,650.
