NFLX Stock: Unusual Call Activity Emerges as Netflix Trades Near 52-Week Lows

March 24, 2026

By TrendSpider Editor

NFLX Stock: Unusual Call Activity Emerges as Netflix Trades Near 52-Week Lows

A single unusual options contract totaling $2,080,000 in premium has surfaced in Netflix, Inc. (NFLX), drawing attention to the stock at a potentially pivotal moment. NFLX is currently trading at $91.65, down 1.85% on the session, and sitting uncomfortably close to its 52-week low of $75.01. With a 52-week high of $134.115 on the books, the stock has shed significant ground from its peak, making this bullish options bet all the more notable.

Key Drivers of the NFLX Stock Move

Main Catalyst: One unusual call contract was flagged today, a CALL at the $99 strike expiring January 15, 2027, with a size of 2,000 contracts and a total premium of $2,080,000. Open interest participation stands at 11%, signaling this is largely fresh positioning rather than a roll of existing exposure.
Bull Case: The contract is structured with a January 2027 expiration, giving the buyer roughly ten months for the thesis to play out. At a $99 strike, the trade requires NFLX to recover approximately 8% from current levels just to reach the strike, but the 52-week high of $134.115 illustrates the kind of upside the buyer may be positioning for. A $2,080,000 premium commitment reflects a high-conviction directional bet.
Bear Case: The call is currently out of the money, and the stock is trending in the wrong direction, down 1.85% today alone. With the current price of $91.65 sitting well below the $99 strike, NFLX needs meaningful momentum to make this trade profitable. The stock's proximity to its 52-week low of $75.01 suggests the path of least resistance could remain lower before any recovery materializes.

The appearance of a multi-million-dollar call position with a long-dated expiration suggests at least one institutional participant sees a recovery case for NFLX over the next ten months. Whether that view is tied to anticipated earnings growth, subscriber momentum, or a broader market re-rating of the streaming sector remains to be seen. What is clear is that the buyer is willing to risk over $2 million on NFLX regaining ground above $99 before January 2027. The stock's current position in the lower half of its annual range gives this trade room to run if sentiment shifts, but today's continued selling pressure is a reminder that the near-term environment remains challenging.

NFLX Unusual Options Activity

Contract: CALL | Strike: $99 | Expiry: January 15, 2027 | Volume: 2,000 contracts | Open Interest Participation: 11% | Moneyness: Out of the Money | Total Premium: $2,080,000

This is the only unusual contract flagged today for NFLX, with zero puts reported alongside the single call, giving the unusual flow a distinctly one-sided, bullish character. The 11% open interest reading indicates the majority of this activity represents new positioning entered as of today, March 24, 2026.

NFLX Seasonality

The late March window historically precedes Netflix's Q1 earnings report, a period that has often brought elevated volatility as investors position around subscriber and revenue guidance. A long-dated call entered in late March with a January expiration provides ample time to capture any post-earnings momentum that may develop over the next several quarters.

NFLX Relative Performance

NFLX is trading at $91.65 today, down 1.85% on the session, and remains deep in the lower range of its 52-week band of $75.01 to $134.115. The stock is currently trading closer to its annual floor than its ceiling, sitting roughly 22% above the 52-week low but approximately 31% below the 52-week high. This relative positioning underscores why the out-of-the-money call at $99 represents a meaningful recovery bet rather than a near-the-money hedge.