From Quiver Quantitative:

In a strategic move, an investor in Zillow saw impressive profits from a bullish options bet, making approximately $39 million. The investor initially acquired call options to buy around 3.4 million Zillow shares at a strike price of $45, later selling the options for a remarkable 525% gain. They then reinvested more than half of the profits into a new bullish position, purchasing call options to buy an additional 5.1 million shares. Market overview highlighted Zillow’s surge in shares, mirroring a broader housing rally, fueled by hope of potential mortgage cost dip and potential Fed rate cuts. Increased call activity on Zillow underscores continued confidence in the housing market’s momentum. The investor’s strategy has significantly impacted Zillow’s options market, with the trading activity significantly elevating call volume to 97,000 contracts. The exchange underscores the investor’s strong conviction in Zillow’s continued growth.



Read more: Investor’s Lucrative Zillow Options Play