Netflix Bears Load Up on Deep ITM Puts as NFLX Slides Near 52-Week Lows

By TrendSpider Editor

A single bearish options contract worth $1,294,801.20 in premium has surfaced in Netflix, Inc. (NFLX) as the stock drops 5.30% to $65.05 on Wednesday, placing it at the very bottom of its 52-week range of $65.095 to $124.86. The trade, a deep in-the-money put with a $80 strike, signals that at least

Netflix Bears Load Up on Deep ITM Puts as NFLX Slides Near 52-Week Lows

A single bearish options contract worth $1,294,801.20 in premium has surfaced in Netflix, Inc. (NFLX) as the stock drops 5.30% to $65.05 on Wednesday, placing it at the very bottom of its 52-week range of $65.095 to $124.86. The trade, a deep in-the-money put with a $80 strike, signals that at least one large trader is positioning for continued weakness or protecting a significant long position heading into late 2026 and beyond. With NFLX trading within cents of its 52-week low, the timing of this contract draws immediate attention.

Key Drivers of the NFLX Stock Move

• Main Catalyst: One unusual put contract was opened on NFLX with a strike of $80, expiring September 17, 2027, carrying $1,294,801.20 in total premium. The contract shows a size of 756 and an open interest utilization of 56%, indicating this is not purely a roll of an existing position.
• Bull Case: The $80 strike put is deep in the money relative to the current price of $65.05, which means the contract could also be interpreted as a protective hedge by a long-side institution that still holds a bullish thesis on NFLX and is simply managing downside risk through September 2027.
• Bear Case: With NFLX down 5.30% today and trading within pennies of its 52-week low of $65.095, the appearance of a deep ITM put worth nearly $1.3 million in premium suggests that sophisticated money is actively betting against or bracing for a further breakdown in the stock over the next 11 months.

The forward setup for NFLX is challenging. The stock has shed more than 47% from its 52-week high of $124.86, and today's session has brought shares to the edge of a potential new low. The September 2027 expiration on the put contract gives the trade a long runway, suggesting the trader behind this flow is not expecting a quick recovery. A sustained break below the current 52-week low of $65.095 would represent a technically significant event and could accelerate selling pressure from momentum-driven participants. Until NFLX can establish a clear floor and begin reclaiming lost ground, options flow of this nature reinforces a cautious near-term outlook.

NFLX Unusual Options Activity

One unusual options contract was flagged in NFLX today, representing the entirety of notable flow:

• Type: Put | Strike: $80 | Expiry: September 17, 2027 | Volume: 756 | Open Interest Utilization: 56%

The contract is currently in the money given that NFLX is trading at $65.05, well below the $80 strike. The 56% open interest reading indicates meaningful but not overwhelming prior positioning at this strike and expiration, lending additional weight to the idea that today's activity represents a fresh directional or hedging decision rather than a routine roll.

NFLX Seasonality

The October through December window has historically been an active period for Netflix as the company navigates fourth-quarter subscriber trends and holiday content performance. A bearish options position extending through September 2027 would capture multiple earnings cycles and content release seasons, suggesting the trader is focused on a structural thesis rather than a single near-term event.

NFLX Relative Performance

NFLX is underperforming sharply on Wednesday, falling 5.30% to $65.05 while sitting at the lower boundary of its 52-week range of $65.095 to $124.86. The magnitude of today's single-session decline stands out even within a broader market context, and the stock's position near a full-year low places it among the weakest large-cap names in the communication services sector on this session.