June 3, 2023

This Is How One Large Options Trader Expects Kohl’s To Move – Kohl’s Corp. (KSS)

Shares of Kohl’s Corporation (NYSE:KSS) jumped more than 4% on Tuesday on news of activist investor Macellum Advisors, which owns a stake of around 5% in the department-store chain, urging the company to make changes to boost its share price.

On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said the stock traded nearly four times its average daily call volume on Tuesday.

See Also: Activist Investor To Kohl’s: Change Your Board Or Sell The Company

The largest trade was a seller of 6,300 of the March 52.5/65 call spreads for an average price of $3.10 per contract, Khouw mentioned.

“That was actually a part of a larger, more complex options trade and much of that was actually put on only a couple of trading days ago back on the 13th,” and Legion Partners Asset Management is one of the larger options holders in the name, he added.

The trader will collect $2 million in premium if Kohl’s stock remains below $65 through March expiration.

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