Jun. 23 at 4:27 PM
What's going on with
$ADTN?
Down about 5.9% today and 6.6% over the last five days
No clear catalyst driving this drop
Clean downside momentum here
Buying the dip feels riskier than usual without a reversal signal
But check out the options flow
It's all call-side with a massive
$2.7M in premium on those Aug 21
$11 ITM calls
Looks like a big bullish or stock replacement play
Could be hedging though so not much directional edge for us to jump on yet
Ask-side sweeps in the Aug
$11 calls are 5,575 contracts vs 8,074 open interest
If you're thinking of following, watch tomorrow