Three Stocks Drawing Heavy Options Interest: Trading Volumes Spike Across Put and Call Markets

Options traders are showing significant concentration in three Russell 3000 constituents today, with derivative activity reaching multiples of historical daily averages across the board.

Carvana Co Sees Largest Percentage Spike

CVNA is capturing the most outsized options attention relative to baseline, with 50,481 contracts changing hands—equivalent to 5.0 million shares underlying. This represents a 123.1% surge compared to the 4.1 million share daily average from the preceding month. The primary point of interest centers on the $500 call expiring December 19, 2025, which alone accounts for 3,198 contracts (approximately 319,800 shares). This concentrated call positioning in near-the-money territory suggests bullish expectations among derivatives traders.

Lululemon Athletica Registers Heavy Put Volume

LULU is experiencing comparable intensity with 61,773 contracts traded today, corresponding to approximately 6.2 million underlying shares. The activity exceeds the monthly average by 128%, based on a typical daily volume of 4.8 million shares. The $150 strike put option (expiring February 20, 2026) dominates the flow, with 20,061 contracts representing 2.0 million shares. This substantial put concentration signals hedging activity or downside protection among larger market participants.

PMT Shows Elevated Positioning Despite Lower Absolute Volume

Pennymac Mortgage Investment Trust rounds out the day’s notable options activity with 8,027 contracts totaling 802,700 underlying shares—representing 96.1% of its typical 835,580 share daily volume. The $10 strike put (expiring April 17, 2026) accounts for the bulk of activity at 7,526 contracts or 752,600 shares, indicating heavy protective positioning around current price levels.

What This Means

When single strikes absorb such concentrated volume relative to the underlying stock’s normal trading patterns, it typically reflects either institutional hedging, directional bets from sophisticated traders, or anticipated earnings and event reactions. The prevalence of puts across multiple expirations (particularly in LULU and PMT) contrasts with CVNA’s bullish call concentration, suggesting divergent sentiment across these three names despite similar volume magnitudes.