Opening Put Sales See Floor in Small Cap Argentinean Financial
Grupo Financiero (GGAL) with 950 April $31 puts sell to open at $3.90, also the $32 puts sold to open at $4.30 into the small pullback to its 21 day EMA after the small cap Argentinean financial has doubled this year so far already and being boosted by new economic policies in the country after the election back in December. GGAL is a $6.7B Latin financial that offers personal loans; express and mortgage loans; pledge and credit card loans; credit and debit cards; and online banking services, as well as savings, deposits, and checking accounts related services. In addition, the company offers financing products; consumer finance and digital banking services. The stock has solid support on a further dip to 30 where it recently launched from on the early August market rebound and the top of one year value area also just below there should be a floor into year end based on the confident opening put sellers. Hedge fund ownership has rose +16% the past quarter. BAML recently upgraded the stock this month to Buy with a$36 target amid a resurgence in loan growth in Argentina banks, and says it offers high upside potential.