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Started By
Message
DASH Puts before Tuesday
Posted on 3/5/21 at 4:08 pm
Posted on 3/5/21 at 4:08 pm
DoorDash has an early lockup expiration of over 100 million shares next Tuesday.
MarketWatch Link about DoorDash
You would think that information would have caused the stock to plummet, but Softbank seems to only let it dip right below ~140 before driving it back to the 150s.
Tuesday then the 100 million shares are released it will dilute the current DASH float and drive the stock price down. Thanks to DASH shooting back above 150 before close today, the option prices got cheaper throughout the day. They still have 80% IV so they aren't exactly super cheap but they can be had for under $7 depending on the strike.
I bought 3/12 145P today 30 min before the bell. They were up $120 before the close.
MarketWatch Link about DoorDash
You would think that information would have caused the stock to plummet, but Softbank seems to only let it dip right below ~140 before driving it back to the 150s.
Tuesday then the 100 million shares are released it will dilute the current DASH float and drive the stock price down. Thanks to DASH shooting back above 150 before close today, the option prices got cheaper throughout the day. They still have 80% IV so they aren't exactly super cheap but they can be had for under $7 depending on the strike.
I bought 3/12 145P today 30 min before the bell. They were up $120 before the close.
3
Posted on 3/5/21 at 6:36 pm to LSUStjames
quote:So you bought one contract or two?
I bought 3/12 145P today 30 min before the bell. They were up $120 before the close.
It's expected to go down due to the lockup expiration. You gotta figure some of those restricted from selling company stock are nervous about seeing their stock fall 30% in less than a month and will want to "get paid" once the lock up expires.
I think it is a smart play. Depending on how things play out, I might try this Monday.
Posted on 3/5/21 at 8:51 pm to tigerfan4444
I bought 5 contracts at like 6.20 I think. 10 is my normal lot but not at those prices.
Posted on 3/6/21 at 11:36 am to LSUStjames
ETA: wrong DASH thread
This post was edited on 3/6/21 at 11:39 am
Posted on 3/8/21 at 3:30 pm to rintintin
I was able to unload my 3/12s at some point today and buy 3/19s for tomorrow. Hope you all were able to get in before the bottom fell out.
Posted on 3/8/21 at 5:51 pm to LSUStjames
Thanks for the heads up on this.
I wound up doing a credit spread on DASH. Sold the March 19 150 call and bought the March 19 152.25 call. Did this when the stock was in the 147-148 range. Got a credit of $1.10 per contract. Risk is $1.40 per contract. Thought this was the better play then buying the puts.
I wound up doing a credit spread on DASH. Sold the March 19 150 call and bought the March 19 152.25 call. Did this when the stock was in the 147-148 range. Got a credit of $1.10 per contract. Risk is $1.40 per contract. Thought this was the better play then buying the puts.
This post was edited on 3/8/21 at 5:55 pm
Posted on 3/9/21 at 3:26 am to frogtown
quote:
I wound up doing a credit spread on DASH. Sold the March 19 150 call and bought the March 19 152.25 call. Did this when the stock was in the 147-148 range. Got a credit of $1.10 per contract. Risk is $1.40 per contract. Thought this was the better play then buying the puts.
Opened the same exact spread but probably when DASH was ~136. Great call on your part doing it sooner
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