NFLX Stock: Unusual Options Activity Signals Long-Term Bullish Bet as Netflix Trades Near 52-Week Lows
By TrendSpider Editor
A single block trade of 5,000 call contracts at the $100 strike expiring January 2028 drove $8,850,000 in premium and is the dominant story in Netflix options activity today. With NFLX currently trading at $92.16, down 0.21% on the session, that long-dated contract represents a meaningful out-of-the
NFLX Stock: Unusual Options Activity Signals Long-Term Bullish Bet as Netflix Trades Near 52-Week Lows
A single block trade of 5,000 call contracts at the $100 strike expiring January 2028 drove $8,850,000 in premium and is the dominant story in Netflix options activity today. With NFLX currently trading at $92.16, down 0.21% on the session, that long-dated contract represents a meaningful out-of-the-money bet on a sustained recovery. The stock is trading closer to its 52-week low of $75.01 than its 52-week high of $134.115, giving the options activity added significance as traders appear to position for a rebound over the next 21 months.
Key Drivers of the NFLX Stock Move
- Main Catalyst: Three unusual options contracts were flagged today, totaling $8,928,594 in premium. The headline trade is a 5,000-contract call block at the $100 strike expiring January 21, 2028, representing the overwhelming majority of total premium at $8,850,000. Two additional near-term call contracts at the $95 strike expiring May 1, 2026 were also flagged, with sizes of 750 and 747 contracts generating $39,750 and $38,844 in premium respectively.
- Bull Case: The $8,850,000 premium commitment on the January 2028 $100 call is a high-conviction, long-duration trade. With the stock at $92.16, a move above $100 would represent roughly an 8.5% gain from current levels, and the trader has nearly two years for that thesis to play out. The concentration of premium in a single block suggests institutional or sophisticated capital, not retail noise.
- Bear Case: All three flagged contracts are out of the money, meaning they require a meaningful price recovery just to reach breakeven. The near-term $95 calls expiring May 1, 2026 give the stock only days to move higher, and with NFLX sitting at $92.16 and showing a modest decline today, short-term momentum does not currently favor those positions. The stock remains well below its 52-week high of $134.115, reflecting sustained selling pressure over the past year.
Looking ahead, the divergence between near-term and long-term options positioning paints an interesting picture of how the market is thinking about Netflix right now. The small May 1 call positions could reflect short-term speculative plays or hedges ahead of a catalyst, while the January 2028 block trade suggests at least one large player believes the current price represents an attractive entry point for a multi-year recovery. Netflix has faced significant headwinds that have compressed its valuation from the highs seen over the past 52 weeks, and the options market appears to be pricing in the possibility that those headwinds eventually ease. Investors will be watching closely for any upcoming earnings reports, subscriber data, or strategic announcements that could serve as a catalyst for the stock to reclaim the $95 and $100 levels targeted by today's activity.
NFLX Unusual Options Activity
- Contract 1: Call | Strike: $100 | Expiry: January 21, 2028 | Volume: 5,000 | Open Interest: 57% OI contribution
- Contract 2: Call | Strike: $95 | Expiry: May 1, 2026 | Volume: 750 | Open Interest: 4% OI contribution
- Contract 3: Call | Strike: $95 | Expiry: May 1, 2026 | Volume: 747 | Open Interest: 4% OI contribution
All three contracts are calls and all are currently out of the money relative to the $92.16 current price, indicating a purely bullish directional lean across today's unusual activity. Total premium across all three contracts reached $8,928,594, with the January 2028 block accounting for 99% of that figure.
NFLX Seasonality
Late April and early May have historically been an active period for Netflix, as the company typically reports first-quarter earnings in this window, which can generate significant volatility and options positioning in either direction. The clustering of near-term May 1 call activity alongside a long-dated 2028 block suggests traders may be positioning both for an imminent catalyst and a longer-term directional view simultaneously.
NFLX Relative Performance
Netflix is currently trading at $92.16, sitting roughly 31% below its 52-week high of $134.115 and approximately 23% above its 52-week low of $75.01. The stock's 0.21% decline today is relatively modest in absolute terms, suggesting the broader session is not driving an outsized move, and the options activity rather than price action is the primary story on Monday, April 27, 2026.