GME July 800strike calls

blueraincap

blueraincap

I can't figure who would be buying such far OTM calls expiring in 2 months for a company that is universally known to be overvalued and a pure retail speculative play. The ticket sizes are too large to be from retails, at least not the typical guys. Insiders? DeepFuckingValue? I just can't figure.

I can see trades at high strikes from retail as lottery tickets, but the dollar amounts are too large.

15:28:26 998 calls@2.93 = 292k
15:27:29-15:28:10 7blocks totaling 998 calls@3.05 = 300k
15:22:42 3blocks totaling 600 calls@3.20 = 200k
15:21:11 950 calls@3.30 = 310k
15:16:29 920 calls@3.50 = 320k

There are other 100-300 calls per ticket, each costing 50k, making those deep OTM trades more than $2million in total after 15:00 on Friday 7 May.

I see there is a shareholder meeting in early June, but the farthest strike in June is 370 and rises to 800 in July. Either some insider has something going on for June-July, or some deep-pocketed retails throwing million lottery tickets
 

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I can’t figure out why you (and really everyone when looking at such trades) assumes that someone’s buying those calls vs selling them? Seriously, every time I see such posts there is always “look how many calls or puts they’re buying”.
While we all know that hedge funds like to short such stocks. They could also be selling some calls while buying others (vertical spreads or ratio spreads), adjusting their positions, rolling, selling covered calls, hedging their short positions, etc.
Anyway, my initially assumption would be that someone’s selling them, not buying. And they’d be selling them to market makers who’d instantly hedge and stay neutral.
 
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