Shares of Zynga hovering just above all-time lows, but a large option trade is looking for a floor.
A trader sold 10,000 March 2.50 puts for the bid price of $0.42, optionMONSTER's systems show. The previous open interest was 337, so this was a new opening position.
ZNGA is up 2.32 percent to $3.09, though that is a gain of just $0.07. The social-gaming company hit a lifetime low of $2.66 two weeks ago after gapping down on earnings. The stock reached a high above $15 at the start of March.
Today's put selling is a bet that ZNGA will at least hold its current levels. The trader will collect the premium as profit as long as the stock holds above $2.50, but he or she also faces the possibility of having to buy shares if they are below that strike price. (See our Education section)
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