Puts Sold on ION Geophysical (IO)

Shares of ION Geophysical Corp. IO are markedly higher on the session, currently trading $5.52, up 6.56%. The stock has been a recent outperformer and has found historical support near the $5.00 level. It has also held the 200-day moving average. I am also seeing a long put holder selling out of their position today; this was done on the November $5.00 put strike, where 3,720 contracts have traded on open interest of 6,258 contracts. They were sold for $0.70. This suggests that the trader is not worried about a significant fall in the stock anymore. ION Geophysical Corporation is a technology-focused seismic solutions company, which provides seismic data acquisition equipment, seismic software, and seismic planning, processing, and interpretation services to the global energy industry.