1.6 on volume yesterday, not huge, but above average. Nice pop... need to see a confirmation in the next few days to take it higher. Another above average volume day with a 2% or better move. If I see that I'll jump in for a point or two up.
On the theory of a hedge fund buying a large hedge against a short... it's possible. BUT, they know what buying 1000's of oom calls would do to the underlaying stock and I don't see why they would want to erase $1 of their short position profits, unless they were willing to short more at this price.
Finally this stock is exciting! Waiting for the next move then I'm getting in!