Puts Sold on Dollar Tree (DLTR)

Shares of Dollar Tree Inc. DLTR are lower on the session by 0.65%, currently trading $59.51, but one trader is betting that the stock will remain above $55 this week. The May $55 put was just sold on the bid over 1,500 times for $0.20. Open interest on the strike is 2,695 contracts, which suggests that a position has been closed today. Given that this is options expiration week, this trader is taking advantage of any premium left on the contract to close their position. Dollar Tree is now sitting on the 50-day moving average.