Netflix Stock Sees $1.1M in Unusual Put Activity as Bears Target Downside Below $70

By TrendSpider Editor

Netflix, Inc. is drawing attention from options traders today, with three unusual put contracts totaling over $1.1 million in premium flagged on a session where shares are up 2.42% to $73.53. Despite the positive price move, the bearish options flow suggests some market participants are positioning

Netflix Stock Sees $1.1M in Unusual Put Activity as Bears Target Downside Below $70

Netflix, Inc. is drawing attention from options traders today, with three unusual put contracts totaling over $1.1 million in premium flagged on a session where shares are up 2.42% to $73.53. Despite the positive price move, the bearish options flow suggests some market participants are positioning for a meaningful pullback, with the bulk of the activity targeting strikes well below the current price. NFLX is currently trading closer to the lower end of its 52-week range of $65.095 to $124.86, leaving limited technical cushion before the stock approaches multi-year support levels.

Key Drivers of the NFLX Stock Move

• Main Catalyst: Three unusual put contracts were flagged today totaling $1,131,132.50 in combined premium. Two contracts targeted the $67.50 strike expiring November 20, 2026, with sizes of 1,275 and 1,262 respectively. A third, notably long-dated contract targeted the $55 strike expiring January 19, 2029, with a size of 1,000 contracts and an extraordinary open interest percentage of 2,326%.
• Bull Case: Shares are up 2.42% on the session, and today's price of $73.53 sits above all three put strikes, meaning each contract is currently out of the money. The elevated open interest on the $55 January 2029 put may reflect hedging activity from existing long positions rather than outright bearish speculation, suggesting institutional investors may still hold meaningful long exposure to the stock.
• Bear Case: All three contracts are puts, with zero calls flagged among the unusual activity. The $67.50 November puts represent a 8.2% move to the downside from current prices, and the $55 January 2029 put would require a decline of more than 25% from today's price. The concentration of bearish positioning across both near-term and long-dated expirations points to a multi-timeframe concern among sophisticated options traders.

The forward setup for Netflix carries notable risk on multiple fronts. The stock is trading in the lower quarter of its 52-week range, with the 52-week low of $65.095 sitting less than 12% below current prices, giving bears a relatively nearby target. The unusual activity in long-dated puts expiring in January 2029 is particularly striking given the 2,326% open interest figure, which signals that today's volume in the $55 strike dwarfs any prior positioning at that level. Whether this represents a directional bet or a portfolio hedge, the sheer scale of the premium deployed across all three contracts warrants close attention heading into the final months of 2026.

NFLX Unusual Options Activity

Three put contracts were flagged as unusual today, with no calls appearing in the flow. Details for each contract are as follows:

• Contract 1: Put | Strike: $67.50 | Expiry: November 20, 2026 | Volume: 1,275 | Open Interest: 13% | Status: OTM | Premium: $271,957.50
• Contract 2: Put | Strike: $67.50 | Expiry: November 20, 2026 | Volume: 1,262 | Open Interest: 13% | Status: OTM | Premium: $268,175.00
• Contract 3: Put | Strike: $55.00 | Expiry: January 19, 2029 | Volume: 1,000 | Open Interest: 2,326% | Status: OTM | Premium: $591,000.00

The two November $67.50 puts were executed in close succession and collectively account for $540,132.50 of the total premium. The January 2029 $55 put alone contributed $591,000.00 and carries the most dramatic open interest reading of the three, suggesting today's volume was many multiples of the existing open interest at that strike prior to these trades.

NFLX Seasonality

Late September and the fourth quarter have historically been an active period for Netflix, as the company typically reports third-quarter earnings in October and subscriber growth tends to be scrutinized heading into the holiday content slate. Options positioning ahead of a potential earnings event in October could be contributing to today's put activity, particularly in the near-term November expiration contracts.

NFLX Relative Performance

NFLX is posting a gain of 2.42% today, reaching $73.53, though this performance still leaves the stock significantly below its 52-week high of $124.86, representing a drawdown of more than 41% from that peak. The proximity of the current price to the 52-week low of $65.095 underscores the degree to which Netflix has underperformed broader market trends over the past year, and the bearish options flow seen today suggests that at least some institutional participants do not view the current price level as a floor.