Our Hot Money scanner spotted a new bullish alert in Robinhood Markets Inc (HOOD).

Shares are heavily shorted and beaten down since its IPO.

But shares are finding buyers at these levels and Hot Money is jumping into OTM calls - betting for a short squeeze that could send shares to $17 or higher.

Here's what I'm doing…

Buy-to-open the HOOD Mar. 04, 2022, $15 call option

At last glance, this is trading around $1.00 per contract.

That means with a profit opportunity of $3.00 and a risk of $1.00 per contract.

As always, I'm averaging into this position and managing risk before entry.

I’ll keep you updated every step of the way.