Investors have now locked in a $7 entry price on the company, which provides wireless service in Latin America. The calls have the potential to generate significant leverage if the stock climbs, but will expire worthless if the shares don't move.
NII shares fell 6.65 percent to $6.60 yesterday, and has lost more than 70 percent of its value in the last year. Short interest is more than 40 percent of the float, a potential catalyst for buying in the stock.
Total option volume was 15 times greater than average in yesterday's session.
—By CNBC Contributor David Russell
Additional News: NII Quarterly Loss Expands Despite Subscriber Growth
Additional Views: Bulls Look for a Jolt From Calpine: Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in NIHD.