Probably not. The fair price for an option is a combination of...

Probably not. The fair price for an option is a combination of the difference between the strike price (34 cents for ARUO) and current share price (66 cents, for a difference of 32 cents) and a premium or discount based on the trader’s estimate of how the share price will change between now and the option expiring. It’s not a question of how many options are out there.

As the expiration date approaches, the price that options trade at will be close to that difference I mentioned. After all, if the option is being sold at a premium, you’d just buy on market. Conversely, if the buyer is offering less, you’d convert and sell the share on market. There’s more room to buy or sell at a premium or discount when expiration is a while away; but even then, the above still holds true to an extent.