Paper sold 23,300 KGC Aug 5 calls at .76, which is likely closing a nice win from when they bought 37,000 ?Aug 5 calls on May 31 for .30.
Kinross Gold Corp., trading 5.44 (down .30) with an IV30 of 73.41 down 3.21 and an HV10 of 61%, saw a large call sale in August.? The stock, with an ADV of 11,500 and an OI of 441,000, had a trader sell 23,300 of the August 5 calls at .76.? Open interest on the strike is 41,200 thus these could be a close from 2 large purchases of August calls in late May as the stock is up 1.00 from those lows.?
The customer is likely closing a nice win from when they bought 37,000 of the August 5 calls on May 31.? At that time, the customer paid around .30 a contract then and is now selling these calls at a profit of over 100%.? This call sale is directly affecting the IV.? Its notable the customer is hanging on to some of the calls the customer purchased, but is locking in a profit.? Look for a block of another 13-14k contracts in the next few days.
This trade is bearish KGC and aggressively bearish KGC volatility.