Bullish options trading investors think that retailer Urban Outfitters (NASDAQ: URBN) will rise again after a weak earnings report last month.

OptionMONSTER’s Heat Seeker tracking system found that the purchase of more than 8,900 URBN September 32 Calls, most priced for $2.45. The open interest at the strike was just 288 contracts, so the trades were clearly opening new positions.

URBN ended the session yesterday up 1.96% at $31.28. It must climb more than 10% by expiration for those calls to turn a profit.

The specialty retailer cratered on March 8, falling from about $38 to $32 after earnings badly missed estimates. Even worse was a sharp drop in margins, which triggered worries about its product mix, sourcing, and exposure to rising commodity prices.

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The stock bounced around $29.50 later in the month, slightly above its October low. Since then the shares have been working their way higher, and yesterday the company received an upgrade to “overweight” from Piper Jaffray.

Urban Outfitters (NASDAQ: URBN)

(Chart courtesy of tradeMONSTER)

Chart technicians typically look for large gaps to be filled on stock charts. As a result, some traders may expect URBN to climb back toward about $35 if not higher.

Overall option volume was five times greater than average yesterday, with calls accounting for a bullish 84 percent of the activity.

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