(Bloomberg) – A number of stocks that have attracted investor attention are continuing to make gains as the options market becomes more and more like a roulette wheel.
Richard Branson’s space tourism company Virgin Galactic Holdings Inc. rose Wednesday by up to 15%, marking another day with double-digit growth. In the meantime, Plug Power Inc. rose 8.9% and extended a five-year high as retail investors spoke out on message boards like r / wallstreetbets on Reddit. The manufacturer of devices for renewable energies, FuelCell Energy Inc., even increased by 17%.
Tesla Inc., a favorite among retail investors, rose as much as 7.8% after analysts from Piper Sandler Cos. They had raised their target price to the highest on Wall Street.
As the four stocks extend their rallies, bets on the options market continue to increase. There was an option volume on Tuesday that dwarfed historical averages and extended through Wednesday. As of 9:46 a.m. in New York, Tesla February calls, which expire at the end of the week, were among the most traded stock options.
Much of the group’s rise in recent weeks has been without concrete news. Virgin Galactic will release a quarterly update next week.
(Updates with release movement, option volume in total.)
To contact the reporter about this story: Bailey Lipschultz in New York at [email protected]
To contact the editor responsible for this story: Catherine Larkin at [email protected]
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