Analytics Stock Ripe for Options Bulls

The stock recently bounced from double-barreled support

The shares of data analytics firm Alteryx Inc (NYSE:AYX) have outperformed over the long run, and could be giving bulls an entry point for their next leg higher. Specifically, AYX just bounced from double-barreled support at the 40-day moving average and $85 price point, the latter representing the stock's takeoff point for a rally in early May.

Potentially opening up the path for fresh highs from Alteryx is the expiration of large chunks of call open interest at the 90 and 100 strikes in the coming weeks. Other data from the options pits paints a bullish picture, as well, with the Schaeffer's gamma-weighted put/call open interest ratio (SOIR) coming in at 0.55. Previous rises above 0.5 in this reading haven preceded stock rallies for AYX.

Lastly, short interest is also elevated, representing 12.6% of the float, so short-covering tailwinds are possible.

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