CWTR straddle

CWTR came up on the option stratey scanner on Monday night.  Tuesday morning I opened a straddle position at the $5 strike price March expiration.  I took note before opening the position that earnings were to be announced Wednesday (today) after EOT.  The straddle position was pretty cheap with the ITM Call at well below $1.00.  CWTR has seen a high amount of volatility over the past year.  This is my first multilegged type of option foray.  Does the community see any merit in the justification behind this play?