Puts Purchased on Puda Coal, Inc. (PUDA)

Shares of Puda Coal, Inc. PUDA are lower on the session by 4.19%, currently trading at $10.98. The stock has been moving largely lower over the past four months and is currently consolidating between the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the May $10.00 put was purchased 1,200 times, on the offer, on open interest of 2,793 contracts. The $10.00, $11.00, and $14.00 strikes are active in other months as well. Overall put volume is now running at 8.37x the daily average with 78% of all puts traded being purchases on the offer. Puda Coal, Inc. is a supplier of high-grade metallurgical coking coal to the industrial sector in the People's Republic of China. Its processed coking coal is primarily purchased by coke and steel producers for the purpose of making the coke required for the steel manufacturing process.