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Options Traders Tackle Surging Corsair Gaming Stock

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It looks like Corsair Gaming Inc (NASDAQ:CRSR) has joined the growing list of meme stocks that are creating big market buzz this Summer. The equity is up 16% today, last seen trading at $37.43, and set to lock in its largest single-day percentage gain since February. The security is also pacing to close above the $36 mark, which has put pressure on the shares since early March. At the halfway point of June, CRSR has managed to tack on 21.3% month-to-date.

CRSR Chart June 14
CRSR Chart June 14

Unsurprisingly, this upbeat price action has caught the attention of options traders. So far today,116,000 calls and 33,000 puts have crossed the tape, 25 times the intraday average. Most popular is the June 50 call, followed by the 40 call from the same series, with new positions being opened at both. This suggests these traders are speculating on a lot more upside for Corsair Gaming stock by the time these contracts expire on Friday.

Analysts are quite bullish on CRSR at the moment. Of the nine covering the security, seven say "strong buy" or better and two recommend a "hold." Plus, the consensus 12-month price target of $46.67 is a lofty 25.2% premium to current levels. Lastly short interest makes up a healthy 18.3% of the stock's available float, and would take nearly a week for shorts to buy back these bearish bets.