On Thursday, investors acquired 72,473 call options on Kraft Heinz, marking a 158% surge over the stock’s five-day average of 28,131 contracts. This spike in call buying suggests heightened bullish sentiment or hedging strategies ahead of key catalysts, and could support a short-term lift in the shares if speculative momentum continues.

In its latest quarterly report, Kraft Heinz posted adjusted earnings per share of $0.61, topping consensus by $0.04, while revenues of $6.24 billion narrowly undershot analyst estimates of $6.27 billion. The company’s net margin remained negative at 17.35%, although return on equity held positive at 7.26%. Revenue declined 2.3% year-over-year, and management set full-year guidance in the range of $2.50 to $2.57 per share, below Street expectations of $2.68.

Berkshire Hathaway’s recent filing indicating potential resale of up to 325 million shares has raised concerns about a supply overhang, contributing to multi-year lows in Kraft Heinz’s stock. In response, several brokerages reduced price targets—JPMorgan to $24, Wells Fargo to $25 and Morgan Stanley to $27—and BNP Paribas moved to an underperform rating with a $22 objective. Collectively, the shifts underscore lingering investor unease over strategic direction and liquidity pressure from the pending block trade.