After shedding 19% in the last month, Gogo GOGO – NASDAQ got shorted more than usual earlier today when a trader bought 4,000 GOGO May 12 puts for $2.05 apiece.
On average, GOGO trades 425 put options per day so this order stood out like a sore thumb. Costing $820,000, GOGO has to lose 15% to the break-even price of $9.95 for it to pay off. Watch for GOGO to consolidate some of its recent weakness, but afterwards this name is likely going lower.
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