Betting On Uranium: Cameco Options Traders See Stock Moving Higher By September

Shares of Cameco Corporation CCJ, one of the world's largest uranium producers, recorded gains on Monday.

On CNBC’s "Options Action,"  Mike Khouw of Optimize Advisors said Cameco traded more than 4x the average daily call volume on Monday, with calls outpacing puts by 6:1.

Don’t forget to check out our premarket coverage here

There was a buyer of 3,000 of the September 32-calls at an average price of $2.55 per contract, Khouw mentioned.

The trader expects Cameco’s stock to rise at least 9% by September expiration.

Cameco said first-quarter revenues rose 73% Y/Y to C$687 million. Uranium revenues rose 84% Y/Y to C$594 million, led by higher sales volumes (+64% Y/Y) and average realized price (+11% Y/Y).

Price Action: Cameco shares gained 2.7% to close at $30.89 on Monday, and were flat in Tuesday's pre-market trading session.

Check This Out: Smucker, Sprinklr And 3 Stocks To Watch Heading Into Tuesday