The tech giant’s first retail store is slated to open this summer
The shares of Alphabet Inc (NASDAQ: togetL) are up 1.5% this afternoon to $ 2,305.29 after the company announced its first retail store, expected to open this summer. The brick and mortar store in New York’s Chelsea neighborhood in the same building as Google’s NYC office will sell Pixel phones and Pixelbooks, as well as Fitbit and Nest products, among other things. The Google Store also provides technical support for various Google devices.
Taking a deeper look, security has recently moved away from an April 28 all-time high of $ 2,431.38, despite falling on the charts lately. Today, togetL is testing its level on a 20-day moving average after completing eight sessions below the trendline, and is up 31.6% in 2021.
Analysts are overwhelmingly optimistic about Alphabet stocks, with 34 of the 35 reporting having a “buy” or better rating. This is in line with the security’s 12-month consensus target of $ 2,739.05, a premium of 18.8% over current levels.
Today’s option pits reflect this bullish sentiment as calls are more popular than usual. In fact, 32,000 calls switched hands today, 1.8 times the intraday average. The most popular is the call from 2.320. May opening new positions closely related to the call from 2,300 from the same series. This shows that by the time these contracts expire tomorrow, options traders will see more benefits for the underlying security.
For those looking to weigh the Alphabet stock’s next move with options, now seems like a solid opportunity. The security’s 26% Schaeffer Volatility Index (SVI) is in the relatively low 17th percentile of its annual range, meaning options players are currently pricing in low volatility expectations. What’s more, it is Schaeffer’s Volatility Scorecard (SVS) of 80 out of 100 indicates that stocks have consistently made larger moves than options traders expected over the past 12 months.