Alphabet Options Traders Betting On Further Upside In Stock

Alphabet Inc. GOOGL shares recorded gains during Thursday’s trading session.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Alphabet traded at 3x average daily options volume on Thursday.

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There were buyers of 34,000 of the May 120-calls at an average price of 98 cents per contract, Khouw mentioned.

The trader expects further upside in Alphabet’s stock through the end of the week.

JMP Securities analyst Andrew Boone reiterated Alphabet with a Market Outperform and maintained a $132 price target.

On Wednesday, Alphabet hosted its annual developer conference Google I/O, focusing on how the company is integrating AI into its products.

Price Action: Alphabet shares rose 4.3% to close at $116.57 on Thursday, and added 0.1% in the after-hours trading session.

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