Nike Unusual Options Activity: Bulls and Bears Place Million-Dollar Bets as NKE Hovers Near 52-Week Lows

By TrendSpider Editor

Nike, Inc. (NKE) is drawing significant attention in the options market, with a combined $2,289,995 in total premium flowing across four unusual contracts as the stock trades at $36.07, down 0.17% on the session. The largest single trade is a $1,425,000 call position at the $40 strike expiring Decem

Nike Unusual Options Activity: Bulls and Bears Place Million-Dollar Bets as NKE Hovers Near 52-Week Lows

Nike, Inc. (NKE) is drawing significant attention in the options market, with a combined $2,289,995 in total premium flowing across four unusual contracts as the stock trades at $36.07, down 0.17% on the session. The largest single trade is a $1,425,000 call position at the $40 strike expiring December 17, 2027, signaling that at least some options traders are positioning for a meaningful recovery in the months ahead. With NKE sitting just above its 52-week low of $35.35 and far below its 52-week high of $76.96, the stock remains deeply distressed, making these options bets particularly high-stakes.

Key Drivers of the NKE Stock Move

• Main Catalyst: Four unusual options contracts totaling $2,289,995 in premium have been flagged across both calls and puts. The standout is a 2,500-contract call sweep at the $40 strike expiring December 17, 2027, generating $1,425,000 in premium. On the other side, a 2,300-contract put at the $30 strike expiring December 17, 2027 drew $713,000 in premium. Near-term, two separate call orders at the $37 strike expiring October 16, 2026, totaling 832 contracts and $151,995 in combined premium, also triggered unusual flags.
• Bull Case: The $1,425,000 call at the $40 strike, expiring in December 2027, carries an open interest read of 110%, suggesting this is a fresh, aggressive position betting that NKE can recover above $40 from its current price of $36.07. The near-term $37 calls expiring October 16, 2026, show open interest readings of 604% and 520%, indicating highly unusual conviction relative to existing open interest for a move in the next few weeks.
• Bear Case: The $713,000 put at the $30 strike expiring December 17, 2027, represents a sizable hedge or directional bet that NKE could break decisively lower from already depressed levels. At $36.07, the stock is trading less than $1 above its 52-week low of $35.35, meaning bears are not betting on a collapse from a peak but rather a continued grind lower from what is already historically beaten-down territory.

The forward setup for Nike is unusually bifurcated. The simultaneous presence of deep out-of-the-money puts and out-of-the-money calls with long-dated December 2027 expirations suggests that large players are hedging or speculating across a wide range of outcomes rather than converging on a single directional view. The near-term $37 calls expiring in just under four weeks from today, on October 16, 2026, imply some traders expect a short-term catalyst to push the stock above its current price within that window. Nike has faced persistent pressure from slowing consumer spending, ongoing turnaround efforts under its current leadership, and intense competition in the athletic footwear and apparel space. The proximity of the current price to the 52-week low of $35.35 means that any negative news could push the stock into new low territory, while a positive development could trigger a sharp short-covering rally given how compressed the name has become.

NKE Unusual Options Activity

• Contract 1: Call | Strike: $37 | Expiry: October 16, 2026 | Volume: 447 | Open Interest: 604% of prior OI | ATM | Premium: $82,695
• Contract 2: Call | Strike: $37 | Expiry: October 16, 2026 | Volume: 385 | Open Interest: 520% of prior OI | ATM | Premium: $69,300
• Contract 3: Put | Strike: $30 | Expiry: December 17, 2027 | Volume: 2,300 | Open Interest: 65% of prior OI | OTM | Premium: $713,000
• Contract 4: Call | Strike: $40 | Expiry: December 17, 2027 | Volume: 2,500 | Open Interest: 110% of prior OI | OTM | Premium: $1,425,000

Of the four flagged contracts, three are calls and one is a put, with total call premium of $1,576,995 versus $713,000 in put premium. By raw dollar volume, the flow leans bullish, though the long-dated put at the $30 strike is a meaningful counterweight that cannot be ignored.

NKE Seasonality

Late September and October have historically been an active period for Nike as the company approaches its fiscal second quarter and the lead-up to the holiday shopping season, when athletic footwear and apparel demand typically picks up. The near-term call activity at the $37 strike expiring in mid-October could reflect traders positioning ahead of any early reads on holiday demand or potential corporate updates during this window.

NKE Relative Performance

NKE is down 0.17% on the session at $36.07, trading just $0.72 above its 52-week low of $35.35. Against its 52-week high of $76.96, the stock is down more than 53% from peak levels, reflecting deep underperformance relative to the broader market over the trailing year. The stock's position near multi-year lows places it well behind most peers in the consumer discretionary and athletic apparel space, reinforcing why the options market is generating such divergent positioning across the bull and bear camps.