Costco Stock Sees Unusual $1.93 Million Put Bet as Shares Sit Near Midpoint of 52-Week Range

By TrendSpider Editor

A single unusual options contract worth $1,927,500 in premium has surfaced in Costco Wholesale Corporation (COST), drawing attention to a bearish positioning with a long time horizon extending to September 2026. With COST shares flat on the session at $961.85, the put is already in the money relativ

Costco Stock Sees Unusual $1.93 Million Put Bet as Shares Sit Near Midpoint of 52-Week Range

A single unusual options contract worth $1,927,500 in premium has surfaced in Costco Wholesale Corporation (COST), drawing attention to a bearish positioning with a long time horizon extending to September 2026. With COST shares flat on the session at $961.85, the put is already in the money relative to its $1,000 strike price, adding weight to the signal. The stock currently sits within its 52-week range of $844.06 to $1,096.50, placing it roughly in the middle of that band.

Key Drivers of the COST Stock Move

• Main Catalyst: One unusual put contract was detected on COST with a $1,000 strike expiring September 15, 2028, carrying $1,927,500 in total premium. The contract printed with a size of 150 and an open interest reading of 15,000%, indicating this is a dramatically outsized position relative to existing open interest in that strike and expiry.
• Bull Case: COST shares are trading at $961.85, meaning the stock would need to remain below $1,000 through September 2028 for this put to remain in the money at expiration. If the stock recovers toward the 52-week high of $1,096.50, this position would move significantly out of the money, handing the put buyer a loss.
• Bear Case: The put is currently in the money with the stock sitting below the $1,000 strike, and the $1,927,500 in premium committed reflects a high-conviction, large-capital bet that COST will struggle to reclaim the $1,000 level or will decline further toward the lower end of its 52-week range near $844.06 over the next two-plus years.

The forward setup for COST carries some complexity. The options activity suggests at least one institutional or sophisticated player is positioning for prolonged weakness or downside protection through September 2028, a notably long duration for an options trade. This is not a near-term speculative bet but rather a strategic hedge or directional view spanning more than two years. The 15,000% open interest reading is the most striking detail in this report, implying this contract essentially created a new position in what was previously a near-empty strike and expiry combination. Costco's fundamental story, as a membership-based warehouse retailer, remains broadly intact, but equity valuations at these levels may be drawing scrutiny from large investors who see limited upside and meaningful risk over a multiyear horizon.

COST Unusual Options Activity

• Type: Put | Strike: $1,000 | Expiry: September 15, 2028 | Volume (Size): 150 | Open Interest Percentage: 15,000% | Status: In the Money

This is the sole unusual contract flagged in today's session, with a total of one unusual contract detected. The extreme open interest reading of 15,000% signals this is a fresh, concentrated position rather than a continuation of existing activity at this strike and expiration date.

COST Seasonality

Mid-August has historically marked a transitional period for retail-focused equities as back-to-school spending winds down and investors begin positioning ahead of the fall consumer spending season. A put contract with a September 2028 expiry suggests the buyer is less focused on seasonal patterns and more concerned with multiyear valuation or structural risk considerations.

COST Relative Performance

COST shares are unchanged on the session at $961.85, showing no price reaction to the options activity detected today. The stock remains well within its 52-week range of $844.06 to $1,096.50, sitting approximately $38 below the $1,000 put strike that anchors today's unusual contract, and roughly $134 above the 52-week low established over the past year.