I understand where you're coming from. I think what's clear though is that the O's have seen fairly strong buy support, potentially due to a number of holders exiting heads to buy into O's. This would only make sense if they planned to hold for the mid to long term, and they think a substantial re-rate will occur. That is putting sell pressure on the heads, and strong support on the O's (hence the premium). This holding pattern works so long as there are no FA price drivers to send the price higher. So in short, O's are perhaps being propped up by strong demand which is a proxy for long term faith in the company's prospects. That's may read anyway.
Disc: I've only bought O's for the above reason
HZR Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
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