Beyond Meat $BYND ( ▲ 19.01% ) is ripping higher on Wednesday as traders swarm the options market despite a lack of real news.
More than 200,000 call contracts have traded by late morning, already topping the stock’s 20-day average. The put to call ratio has collapsed to roughly 0.1, its lowest level in months. The hottest tickets are short-dated calls expiring this Friday at the one dollar and one fifty strikes, along with next Friday’s one dollar calls.
All of them are still out of the money. After its brief meme revival pushed shares to 7.69 on October 22, Beyond Meat gave up the entire move and more as speculative stocks deflated across the board. Today’s burst of activity barely dents the mountain of call volume that piled up during the frenzy.
The company’s debt restructuring was supposed to reset the story. Instead, even after eliminating roughly eight hundred million dollars in debt, the stock has dropped nearly seventy percent from where that refinancing began. What Beyond Meat has right now is a longer runway and the same mission it has always had: convincing investors that processed peas can still become a profitable business.