Netflix Sees $1.26M Bearish Put Bet as Stock Hovers Near 52-Week Lows

By TrendSpider Editor

A single unusual options contract has flagged bearish sentiment in Netflix, Inc. (NFLX), with a $1,255,500 put premium targeting a $70 strike deep into December 2028. The stock is currently trading at $82.64, down a marginal 0.11% on the session, and sitting uncomfortably close to its 52-week low of

Netflix Sees $1.26M Bearish Put Bet as Stock Hovers Near 52-Week Lows

A single unusual options contract has flagged bearish sentiment in Netflix, Inc. (NFLX), with a $1,255,500 put premium targeting a $70 strike deep into December 2028. The stock is currently trading at $82.64, down a marginal 0.11% on the session, and sitting uncomfortably close to its 52-week low of $65.10 with its 52-week high of $126.71 now a distant memory. The scale of this single-contract options bet, placed well out of the money, suggests at least one large player is positioning for meaningful downside over the next two-plus years.

Key Drivers of the NFLX Stock Move

• Main Catalyst: One unusual put contract was opened on NFLX with a $70 strike expiring December 15, 2028, generating $1,255,500 in total premium. The contract carried a size of 1,350 and open interest utilization of 21%, flagging it as a notable out-of-the-money bearish position.
• Bull Case: The $70 strike sits roughly 15% below the current price of $82.64, meaning the stock would need to deteriorate significantly from current levels before this put pays off at expiration. The long duration of the contract, expiring in December 2028, gives Netflix considerable time to recover, and the position could simply represent a hedge rather than an outright directional bet against the stock.
• Bear Case: With NFLX already trading closer to its 52-week low of $65.10 than its 52-week high of $126.71, the stock has shed enormous value over the past year. A bet of $1,255,500 in premium on a single out-of-the-money put contract signals that at least one sophisticated market participant sees a realistic path to $70 or below over the next two years. The 21% open interest reading also suggests this is not a crowded or consensus position, giving it a degree of conviction.

The broader setup for Netflix heading into the back half of 2026 is cautious at best. The stock's positioning near multi-year lows reflects pressure that has built steadily, and this unusual options activity adds to a narrative of institutional concern rather than optimism. With the December 2028 expiry, this put gives the buyer a long runway to be right, which makes it a meaningful signal rather than a short-term noise trade. Investors watching NFLX will want to monitor whether additional bearish flow accumulates around the $70 level or whether this remains an isolated hedge.

NFLX Unusual Options Activity

One unusual contract was detected in NFLX on Thursday, September 3, 2026. Details are as follows:

• Type: Put | Strike: $70 | Expiry: December 15, 2028 | Volume/Size: 1,350 | Open Interest Utilization: 21% | Status: Out of the Money | Premium: $1,255,500

The contract is notably out of the money relative to NFLX's current price of $82.64, requiring a drop of more than 15% from today's levels for the position to move into profitable territory at expiration. The total unusual contract count stands at one, with no call-side activity detected, leaving the options snapshot entirely one-sided to the bearish case.

NFLX Seasonality

Early September has historically marked a transitional period for media and streaming stocks, as back-to-school content consumption begins to ramp and investor attention shifts toward fourth-quarter subscriber growth expectations. Bearish positioning established in early September with a multi-year expiry may be anticipating structural headwinds rather than near-term seasonal weakness.

NFLX Relative Performance

NFLX is currently trading at $82.64, representing a modest decline of 0.11% on the session. With a 52-week range spanning from $65.10 to $126.71, the stock is trading in the lower third of its annual range, underperforming the broader consumer discretionary sector and major indices that have largely held closer to their annual highs. This relative weakness reinforces the bearish options thesis and suggests that Netflix has not participated meaningfully in any broader market strength over the past year.