Although he was not at the forefront of the last “memes stock“craze, technological concern Workhorse Group Inc (NASDAQ: WKHS) appears today, last seen up 11.2% to trade at $ 14.51 at last check. The security left penny stock territory a year ago, peaking with a Feb. 4 record high of $ 42.96. Since then, however, the Workhorse stock has dug a channel from lower to lower. Thanks to today’s bullish spread, WKHS is gearing up for its third consecutive close above the 60-day moving average, and is now showing a whopping 355% year-over-year lead.

Options traders are taking note of today’s pop, with volume doubling what is typically seen at this point. More specifically, 115,000 calls and 24,000 puts have been traded so far. The most active of these options is the weekly 15-move 6/11 call, followed by the 20-move call of the same series, with new positions opened at the first.

Short-term interest unwinding could push WKHS even higher, as the repressed purchasing power is more than enough. In fact, short-term interest has jumped 23.5% in the last two reporting periods, and the 47.54 million shares sold short represent 72.6% of the stock’s available free float.

Finally, security Schaeffer’s Volatility Dashboard (SVS) ranks 82 out of 100. This is great for option buyers as it implies that the stock tends to exceed volatility expectations.