Wall Street newbie ARM is hitting record highs
Wall Street newbie Arm Holdings PLC (NASDAQ:ARM) is trading at record highs today. Up 5.3% at $69.70 at last glance, the equity is on track for its fifth-straight daily win.
In late September, the company was valued at $54.5 billion in what was the biggest initial public offering (IPO) of the year so far. ARM moved lower on the charts in the couple months to follow, but turned it around in mid November and has been climbing since. Month to date, the equity is up 26.7%.
Analysts are mostly bullish on ARM, though there is still room for optimism. Of the 21 analysts in coverage, eight still carry a “hold” or worse rating, while the 12-month consensus price target of $65.83 is a small discount to current levels.
Meanwhile, options traders are targeting the stock at double the intraday average today, with 45,000 calls and 21,000 puts exchanged so far. The weekly 12/29 70-strike put is the most popular, followed by the 12/29 78-strike call, with new positions being opened at the latter.