Is The Options Market Predicting A Spike In Paylocity Holding (PCTY) Stock?

Core Viewpoint - Investors in Paylocity Holding Corporation (PCTY) should closely monitor the stock due to significant implied volatility in the options market, particularly for the Aug 16, 2024 $110.00 Call option [2][3] Company Analysis - Paylocity Holding is currently rated as Zacks Rank 3 (Hold) within the Internet-Software industry, which ranks in the top 32% of the Zacks Industry Rank [5] - Over the last 60 days, seven analysts have raised their earnings estimates for the current quarter, resulting in an increase of the Zacks Consensus Estimate from $1.23 per share to $1.27 per share [5] Options Market Insights - The high implied volatility indicates that options traders are anticipating a significant price movement for Paylocity Holding shares, which may suggest an upcoming event that could lead to a substantial rally or sell-off [3][5] - Options traders often seek high implied volatility options to sell premium, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as expected [7]