Nike Sees Mixed Unusual Options Activity as Stock Hovers Near 52-Week Lows
By TrendSpider Editor
Nike, Inc. (NKE) attracted unusual options activity on Friday, May 22, 2026, with five flagged contracts totaling $1,231,839 in combined premium, headlined by a 2,400-contract call sweep at the $85 strike targeting January 2028. Shares trade at $44.505, up just 0.27% on the session, sitting uncomfor
Nike Sees Mixed Unusual Options Activity as Stock Hovers Near 52-Week Lows
Nike, Inc. (NKE) attracted unusual options activity on Friday, May 22, 2026, with five flagged contracts totaling $1,231,839 in combined premium, headlined by a 2,400-contract call sweep at the $85 strike targeting January 2028. Shares trade at $44.505, up just 0.27% on the session, sitting uncomfortably close to the 52-week low of $41.35 and far below the 52-week high of $80.165. The spread of strikes across these contracts, ranging from $40 puts deep out of the money to a $100 in-the-money put, tells a story of divided conviction on where Nike heads from here.
Key Drivers of the NKE Stock Move
- Main Catalyst: Five unusual options contracts were flagged across puts and calls, generating $1,231,839 in total premium. The largest single contract by premium was a CALL at the $85 strike expiring January 21, 2028, with 2,400 contracts traded at 167% of open interest, representing $492,000 in premium. Separately, a deep in-the-money PUT at the $100 strike expiring June 18, 2026, carried $111,700 in premium on just 20 contracts at a striking 1,000% of open interest.
- Bull Case: The $85 call expiring in January 2028 is the single largest premium bet in this flow at $492,000, placed well above current prices and giving a long-dated runway for recovery. An additional in-the-money CALL at the $43.50 strike expiring June 18, 2026, drew 712 contracts at $147,384 in premium, suggesting some traders see near-term upside potential even from current depressed levels.
- Bear Case: Put activity is notable both in size and structure. A PUT at the $40 strike expiring June 27, 2026, saw 500 contracts change hands at 207% of open interest for $34,400, positioning for a break below the 52-week low in the near term. A larger PUT at the $40 strike expiring June 17, 2027, brought in 819 contracts at $446,355 in premium, the second largest premium block in this batch, reflecting sustained bearish positioning well into 2027. The deep in-the-money $100 PUT expiring in late June 2026 at 1,000% of open interest adds further hedging or directional bearish weight.
The forward setup for Nike remains challenging as the stock trades just 7.6% above its 52-week low of $41.35 with the 52-week high of $80.165 representing a gap of nearly 80% from current levels. The options flow is distinctly split: long-dated bulls are wagering on a significant multi-year recovery with the $85 call, while near-term bears are stacking put exposure at the $40 level, effectively betting the stock could breach its annual floor before summer. The $100 deep in-the-money put, while small in contract count, is notable for its 1,000% open interest ratio, suggesting a concentrated and deliberate positioning. With the stock showing only marginal price movement today, the options market appears to be the more active battleground for directional conviction on Nike's near-term and long-term trajectory.
NKE Unusual Options Activity
- Contract 1: PUT, $40 strike, expires June 26, 2026 | Volume: 500 | Open Interest: 207% | Out of the money | Premium: $34,400
- Contract 2: CALL, $85 strike, expires January 21, 2028 | Volume: 2,400 | Open Interest: 167% | Out of the money | Premium: $492,000
- Contract 3: PUT, $100 strike, expires June 18, 2026 | Volume: 20 | Open Interest: 1,000% | In the money | Premium: $111,700
- Contract 4: PUT, $40 strike, expires June 17, 2027 | Volume: 819 | Open Interest: 13% | Out of the money | Premium: $446,355
- Contract 5: CALL, $43.50 strike, expires June 18, 2026 | Volume: 712 | Open Interest: 28% | In the money | Premium: $147,384
NKE Seasonality
Late May and early June historically mark a transitional period for Nike as the company approaches the end of its fiscal year, often accompanied by heightened volatility tied to guidance updates and annual results. Options positioned around the June 2026 expiration cycles are aligned with this seasonally sensitive window.
NKE Relative Performance
With NKE trading at $44.505 against a 52-week high of $80.165, the stock has shed roughly 44.5% from peak levels, significantly underperforming broader consumer discretionary and athletic apparel peers over that stretch. The minimal 0.27% gain today suggests the stock is finding little independent momentum, with most of the directional debate playing out in the derivatives market rather than in the underlying shares.