What happened

Shares of DocuSign (NASDAQ:DOCU) jumped higher on Tuesday, gaining as much 5.7% earlier in the session, though the stock ended the trading day up 4.1%. The e-signature stock followed the broader market higher as a wide cross-section of stocks produced gains.

There wasn't any company-specific news that drove DocuSign higher, but some activity in the options market points to bullish sentiment for the growth stock's future.

A person signing a digital signature on a tablet.

Image source: Getty Images.

So what

Investors checking all the usual suspects -- press releases, regulatory filings with the Securities and Exchange Commission, or even bullish analyst reports -- likely came up empty. There didn't appear to be an obvious catalyst for DocuSign's move higher.

A number of internet sleuths suggested an unusual amount of options activity could be the culprit. Call options are financial contracts that give investors the option (but not the obligation) to buy a stock at a pre-determined price. Investors who buy these call options profit when the value of the underlying stock increases.

Reports suggest that call options expiring on Friday, June 23 were up more than 10 times their normal volume today on the Robinhood trading platform. Traders who follow this activity may have taken this as a bullish cue that investors are banking on DocuSign stock gaining from here.

Now what

DocuSign is the undisputed leader in the e-signature space, controlling an estimated 70% of the market. That's just the beginning of the company's opportunity, as the DocuSign Agreement Cloud helps companies manage the entire lifecycle of contracts and agreements, making it a natural extension of the company's cash cow.

Short-term movements based on options activity have little to do with the long-term investing thesis. DocuSign investors should keep their eyes set firmly on the future.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.