Shares of Upwork Inc (UPWK) surged 7.08% on Wednesday to close the trading session, reflecting heightened investor interest in the online freelancing platform.
The stock's rally coincided with a spike in bullish options activity, with call volume surging to almost 3 times the expected level. Upwork's implied volatility also jumped over 3 points to 45.96%, indicating increased demand for call options.
The elevated options activity and increased call buying suggests investors are growing more optimistic about Upwork's prospects, potentially driving the stock's sharp rise. While no specific fundamental news was cited, increased demand for call options often signals investors are positioning for further gains.
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