Netflix saw 174 uncommon options trades today, a figure well above its three-month daily average of around 45 such trades. This surge suggests that large-scale investors—whether institutional or high-net-worth individuals—are positioning for a significant move. Historically, similar spikes in options activity for Netflix have preceded major company announcements or earnings surprises, making this development particularly noteworthy for market participants. Analysis of the orders reveals a split sentiment: 32% of the trades were bullish and 32% bearish, with the remainder neutral. Despite this balance in trade count, bullish contracts commanded over $51.5 million in notional value across 134 calls, while bearish puts accounted for roughly $2.7 million over 40 contracts. This disparity indicates that those placing bullish bets are allocating substantially more capital per contract than their bearish counterparts, signaling stronger conviction among upside-oriented traders. Open interest and volume data show whales focusing on strike prices within a broad $5–$1,750 range, with particular clustering near the $900 level for mid-August expirations and multiple January 2027 expirations at the $5 strikes. The mid-August activity suggests traders are eyeing near-term catalysts—potentially content slate announcements or subscriber metrics—while long-dated January 2027 strikes reflect views on Netflix’s multi-year growth trajectory amid its ad-supported rollout and international subscriber expansion.
Netflix saw 174 uncommon options trades today, a figure well above its three-month daily average of around 45 such trades. This surge suggests that large-scale investors—whether institutional or high-net-worth individuals—are positioning for a significant move. Historically, similar spikes in options activity for Netflix have preceded major company announcements or earnings surprises, making this development particularly noteworthy for market participants. Analysis of the orders reveals a split sentiment: 32% of the trades were bullish and 32% bearish, with the remainder neutral. Despite this balance in trade count, bullish contracts commanded over $51.5 million in notional value across 134 calls, while bearish puts accounted for roughly $2.7 million over 40 contracts. This disparity indicates that those placing bullish bets are allocating substantially more capital per contract than their bearish counterparts, signaling stronger conviction among upside-oriented traders. Open interest and volume data show whales focusing on strike prices within a broad $5–$1,750 range, with particular clustering near the $900 level for mid-August expirations and multiple January 2027 expirations at the $5 strikes. The mid-August activity suggests traders are eyeing near-term catalysts—potentially content slate announcements or subscriber metrics—while long-dated January 2027 strikes reflect views on Netflix’s multi-year growth trajectory amid its ad-supported rollout and international subscriber expansion.