Facebook was one of the worst performers on Tuesday, dropping 3% as the information technology sector dragged on the S&P 500. Despite the decline, one options trader believes the social network’s stock could rally by around 15% in only one month.

Facebook Inc (FB) Stock To Hit $100 In One Month: Trader

Strong earnings could push stock up

“I’m making a stance, right here today on Sept. 29th, 2015, that Facebook will hit $100 by Nov. 1st,” Andrew Keene of KeeneOnTheMarket.com told CNBC’s Trading Nation.

Keene noted that the overall market is weak, and Facebook too has been down in the last few days, but if the market rebounds, then Facebook‘s stock could jump even higher, provided it comes up with strong earnings.

Facebook will post its third quarter earnings by the end of the next month, and Keene believe it could push the stock up. So far in 2015, Facebook stock has witnessed significant gains, but shares have dropped by over 6% in the last week. However, citing the social network’s weekly chart, the trader notes that the upward trend is still unharmed. The recent decline in the stock can be attributed to investors expressing discontent after the site went down for the second time in five days and reportedly the third time in 11 days.

Keene is buying a November 95/100 bull call spread for $1.25. This suggests that the social network’s stock will hit $100 by the November options expiration.

Short interest up for Facebook (FB)

Short interest for Facebook as of Sept. 15 was at 38.1 million shares, an increase from 28.8 million on Aug. 31. This represents 1.8% of the total float. Many factors can be held responsible for the spike in short interest.

Facebook stock has been impacted by the recent China crisis. Last month, the stock lost almost 5% of its value. Investors and analysts have also been concerned about the rising spending that is taking a toll on the social network’s operating margins.

Facebook has also been accused of spying on European users. In June, a Belgian privacy watchdog group initiated a lawsuit against the U.S. firm, charging Facebook with violating Belgian and European privacy laws. However, Facebook is denying the charges.

On Tuesday, Facebook Inc (NASDAQ:FB) shares closed down 2.85% at $86.67. Year to date, the stock is up by over 9%, while in the last year, shares are up 10%. In the last five days, the stock has lost almost 7% of its value.