Workday Inc (NASDAQ:WDAY) stock is up 0.4% despite broad market weakness, trading at $226.12. The stock was rejected at its 100-day moving average after a July rally, carrying a 12.5% year-to-date deficit. Seasonality could be in its favor soon.

Schaeffer’s Senior Quantitative Analyst Rocky White considers Workday one of the best S&P 500 stocks to own in August. Historically, the stock has averaged an 8% monthly gain and ended the month higher 80% of the time over the past decade, potentially reaching $244 from its current levels.

Short-term options traders’ pessimism unwinding could provide a boost for Workday stock, with the Schaeffer’s put/call open interest ratio in the 97th percentile. Premiums are currently affordable, with the Schaeffer’s Volatility Index at 29%.

Read more at Yahoo Finance: Workday Stock Could Add 8% in August