Puts Purchased on Jackson Hewitt Tax Service (JTX)

Shares of Jackson Hewitt Tax Service JTX are lower on the session by 5.73%, currently trading at $0.585. The stock had been moving largely lower over the past four months and is currently trading below the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the May 2011 $0.50 put was purchased 2,000 times, on the offer, for $0.15 on open interest of 43 contracts. Overall put volume is now running at 3.99x the daily average with 88% of all puts traded being purchases on the offer. Jackson Hewitt Tax Service Inc. provides computerized preparation of federal, state and local individual income tax returns in the United States through a nationwide network of franchised and company-owned offices operating under the brand name Jackson Hewitt Tax Service.