Toyota Motor Corp (NYSE: TM) stock is hitting record highs today, up 2.2% to trade at $186.60 at last check. This positive price action comes after the company announced the completion of a 25.8 million share buyback. The Japan-based automobile name has also been in the spotlight lately due to its electric vehicle (EV) efforts. 

Today's pop has TM breaking past pressure at the $185 level, which provided a ceiling for the stock's most recent breakouts and is home to its former August 3 record high of $185.99. Plus, long-term support at the 140-day moving average caught the security's August pullback to the $164 region. Year-over-year, the equity is up 40.3%. 

Some of the stock's recent rally could be attributed to a bout of short covering. Short interest has fallen 28.6% during the two most recent reporting periods. Meanwhile, of the four analysts in coverage, three carry a "strong-buy" rating on TM, with one a tepid "hold." 

Now looks like a good time to weigh in on Toyota stock's next move with options. The stock's Schaeffer's Volatility Index (SVI) of 18% stands higher than 19% of all other readings in its annual range, implying that options players are pricing in relatively low volatility expectations at the moment.