A trader is betting that Apollo Group will hold current levels.
optionMONSTER's tracking systems detected the sale of 2,500 November 19 puts for the bid price of $0.81 today. This is clearly a new position, as the previous open interest in the strike was just 658 contracts.
The put seller is looking for APOL to hold above $19 in coming weeks. The trader is taking on the risk of buying shares if they are below that strike price.
APOL is up 1.03 percent to $20.15 this morning, a day after seeing its lowest close in a month. Shares of the for-profit education company were last below $19 at the start of September.
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