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The following is a list of stocks under $5 that have a large number of open call option positions relative to put option positions, i.e. bullish options market sentiment. This list might offer an interesting starting point to investors looking for hidden gems.

To compile the list, we started with a universe of about 250 stocks with market caps greater than $300M, priced below $5. We then narrowed down the list by only focusing on those stocks with the lowest Put/Call ratios.

The options market seems to be betting on some near-term gains for these low-priced stocks - what do you think?

Short float and performance data sourced from Finviz, options data sourced from Schaeffer's.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the Put/Call ratio.

1. TransAtlantic Petroleum Ltd. (NYSEMKT:TAT): Oil and Gas Drilling and Exploration Industry. Market cap of $1.09B. Stock is priced at $3.24. Call open interest at 486 contracts vs. put open interest at 3 contracts (Put/Call ratio at 0.01). Short float at 3.16%, which implies a short ratio of 7.18. The stock has gained 0.31% over the last year.

2. Warren Resources Inc. (NASDAQ:WRES): Oil and Gas Equipment and Services Industry. Market cap of $321.07M. Stock is priced at $4.51. Call open interest at 562 contracts vs. put open interest at 11 contracts (Put/Call ratio at 0.02). Short float at 2.6%, which implies a short ratio of 3.54. The stock has gained 81.12% over the last year.

3. Trident Microsystems Inc. (TRID): Semiconductor Industry. Market cap of $337.82M. Stock is priced at $1.62. Call open interest at 2,134 contracts vs. put open interest at 47 contracts (Put/Call ratio at 0.02). Short float at 4.82%, which implies a short ratio of 4.71. The stock has lost -2.55% over the last year.

4. Augusta Resource Corp. (NYSEMKT:AZC): Industrial Metals and Minerals Industry. Market cap of $483.49M. Stock is priced at $3.72. Call open interest at 873 contracts vs. put open interest at 56 contracts (Put/Call ratio at 0.06). Short float at 1.43%, which implies a short ratio of 2.75. The stock has gained 38.85% over the last year.

5. Gleacher & Company, Inc (GLCH): Investment Brokerage Industry. Market cap of $334.56M. Stock is priced at $2.48. Call open interest at 306 contracts vs. put open interest at 20 contracts (Put/Call ratio at 0.07). Short float at 3.53%, which implies a short ratio of 7.69. The stock has lost -41.38% over the last year.

6. VisionChina Media Inc. (NASDAQ:VISN): Advertising Agencies Industry. Market cap of $334.01M. Stock is priced at $4.74. Call open interest at 2,496 contracts vs. put open interest at 166 contracts (Put/Call ratio at 0.07). Short float at 2.46%, which implies a short ratio of 2.8. The stock has lost -60.63% over the last year.

7. Northgate Minerals Corp. (NXG): Gold Industry. Market cap of $896.53M. Stock is priced at $3.04. Call open interest at 6,563 contracts vs. put open interest at 457 contracts (Put/Call ratio at 0.07). Short float at 3.57%, which implies a short ratio of 3.07. The stock has lost -4.35% over the last year.

8. Wave Systems Corp. (NASDAQ:WAVX): Computer Peripherals Industry. Market cap of $314.9M. Stock is priced at $3.96. Call open interest at 2,638 contracts vs. put open interest at 250 contracts (Put/Call ratio at 0.09). Short float at 9.57%, which implies a short ratio of 18.38. The stock has gained 120.45% over the last year.

9. Magma Design Automation Inc. (NASDAQ:LAVA): Business Software and Services Industry. Market cap of $314.96M. Stock is priced at $4.85. Call open interest at 216 contracts vs. put open interest at 21 contracts (Put/Call ratio at 0.1). Short float at 4.74%, which implies a short ratio of 4.05. The stock has gained 101.27% over the last year.

10. Level 3 Communications Inc. (NYSE:LVLT): Diversified Communication Services Industry. Market cap of $1.72B. Stock is priced at $1.12. Call open interest at 59,481 contracts vs. put open interest at 7,272 contracts (Put/Call ratio at 0.12). Short float at 9.11%, which implies a short ratio of 5.27. The stock has lost -37.58% over the last year.

11. Paramount Gold and Silver Corp. (NYSEMKT:PZG): Industrial Metals and Minerals Industry. Market cap of $493.98M. Stock is priced at $3.93. Call open interest at 416 contracts vs. put open interest at 57 contracts (Put/Call ratio at 0.14). Short float at 1.65%, which implies a short ratio of 1.12. The stock has gained 144.44% over the last year.

12. RealNetworks Inc. (NASDAQ:RNWK): Internet Software and Services Industry. Market cap of $560.32M. Stock is priced at $4.16. Call open interest at 491 contracts vs. put open interest at 78 contracts (Put/Call ratio at 0.16). Short float at 3.37%, which implies a short ratio of 5.1. The stock has gained 5.36% over the last year.

13. Ivanhoe Energy Inc. (NASDAQ:IVAN): Independent Oil and Gas Industry. Market cap of $959.24M. Stock is priced at $2.86. Call open interest at 827 contracts vs. put open interest at 133 contracts (Put/Call ratio at 0.16). Short float at 1.04%, which implies a short ratio of 2.37. The stock has lost -8.89% over the last year.

14. The McClatchy Company (NYSE:MNI): Newspapers Industry. Market cap of $413.76M. Stock is priced at $4.96. Call open interest at 10,389 contracts vs. put open interest at 1,949 contracts (Put/Call ratio at 0.19). Short float at 29.83%, which implies a short ratio of 19.04. The stock has gained 9.68% over the last year.

15. Rite Aid Corp. (NYSE:RAD): Drug Stores Industry. Market cap of $820.01M. Stock is priced at $0.95. Call open interest at 7,556 contracts vs. put open interest at 1,474 contracts (Put/Call ratio at 0.2). Short float at 3.03%, which implies a short ratio of 4.91. The stock has lost -41.4% over the last year.

16. PMI Group Inc. (PMI): Surety and Title Insurance Industry. Market cap of $588.27M. Stock is priced at $3.81. Call open interest at 36,221 contracts vs. put open interest at 7,119 contracts (Put/Call ratio at 0.2). Short float at 17.04%, which implies a short ratio of 4.26. The stock has gained 39.85% over the last year.

17. Abraxas Petroleum Corp. (ABP): Independent Oil and Gas Industry. Market cap of $332.3M. Stock is priced at $4.32. Call open interest at 2,120 contracts vs. put open interest at 420 contracts (Put/Call ratio at 0.2). Short float at 6.93%, which implies a short ratio of 7.92. The stock has gained 99.54% over the last year.

18. SIRIUS XM Radio Inc. (NASDAQ:SIRI): Broadcasting Industry. Market cap of $6.56B. Stock is priced at $1.65. Call open interest at 232,488 contracts vs. put open interest at 49,052 contracts (Put/Call ratio at 0.21). Short float at 5.79%, which implies a short ratio of 3.89. The stock has gained 142.03% over the last year.

19. Synovus Financial Corp. (NYSE:SNV): Regional Bank. Market cap of $2.14B. Stock is priced at $2.71. Call open interest at 59,175 contracts vs. put open interest at 12,569 contracts (Put/Call ratio at 0.21). Short float at 12.13%, which implies a short ratio of 5.92. The stock has gained 24.66% over the last year.

20. Sonus Networks, Inc. (NASDAQ:SONS): Communication Equipment Industry. Market cap of $776.88M. Stock is priced at $2.79. Call open interest at 15,681 contracts vs. put open interest at 3,703 contracts (Put/Call ratio at 0.24). Short float at 2.83%, which implies a short ratio of 2.42. The stock has gained 23.79% over the last year.

Source: 20 Stocks Under $5 With Bullish Options Sentiment