Unusual Options Activity in Altimeter Growth Corp. (AGC)

Unusual Options Activity in Altimeter Growth Corp. (AGC)

  • Altimeter Growth Corp. (AGC) has experienced unusual options activity for the last month
  • The share price for AGC has risen as high as +17.78% today alone; 42.97% in the last month
  • This uptrend is reflected by consistent bullish flow, captured by Unusual Whales

Yesterday and today in the markets, amid the crazed headlines of Tesla (NASDAQ:TSLA) and PayPal (PYPL), special purpose investment company Altimeter Growth Corp. (AGC) experienced significant unusual options activity, captured by the Unusual Whales Flow Tool. It is worth noting that AGC is listed by Unusual Whales as a "shorted stock," which, given the patterns of this year, can pique the interest of retail and institutional traders alike, and in April 2021, announced a combincation with SE Asian superapp company, Grab Holdings.

On November 8th, we observed within the myriad Unusual Whales options flow that 4,000 contracts of the $9 put for December 17th, 2021 were sold to open for a total premium of $100k, on AGC. This was a bullish bet that the share price, $12.20 at the time, would continue to rise or trade sidways. This was indeed a notable example of bullish unusual options activity, and demonstrates a complete 180 degree turn from the flow sentiment a month ago.

The unusual options activity in the above image comes from the historical flow for AGC Unusual Whales Flow tool. On October 14th, we observed a purchase of 5,000 contracts of the $9 put expiring November 19th, and another purchase of the $10 put for the same volume and expiration date. Two bearish positions, totalling $360k in premium, that expected the stock to go down.

Needless to say, this is not what happened. The AGC share price has continued to rise over the last month, indicating these plays could potentially have incurred significant losses. During that time, the unusual options flow maintained a relatively bullish stance.

Since Wednesday, October 27th, options premiums for Altimeter Growth Corp. has maintained a bullish premium average of 52.43%. The highest percentage of bullish premium for AGC in the last 10 days was today, November 9th, 2021, for a total bullish premium of 77.30%.

As of 11:15am ET, AGC was trading at $14.35 per share, a 17.05% rise on the day, 42.08% in the last 30 days.