Nike Sees Split Options Activity as Traders Bet Both Ways on a Stock Near 52-Week Lows

By TrendSpider Editor

Nike, Inc. is drawing attention in the options market Friday, with two unusual contracts totaling $1,528,762 in combined premium hitting the tape as shares trade at $38.72, up 0.78% on the session. The activity is notable for its split tone: one near-term put and one deep out-of-the-money call expir

Nike Sees Split Options Activity as Traders Bet Both Ways on a Stock Near 52-Week Lows

Nike, Inc. is drawing attention in the options market Friday, with two unusual contracts totaling $1,528,762 in combined premium hitting the tape as shares trade at $38.72, up 0.78% on the session. The activity is notable for its split tone: one near-term put and one deep out-of-the-money call expiring more than two years out, suggesting traders are not in agreement on where NKE is headed. With the stock sitting well below its 52-week high of $70.44 and only modestly above its 52-week low of $31.97, the options flow arrives at a technically precarious moment for the sportswear giant.

Key Drivers of the NKE Stock Move

• Main Catalyst: Two unusual options contracts were flagged Friday totaling $1,528,762 in premium. A put at the $37.50 strike expiring November 13, 2026 printed with a size of 1,138 contracts and open interest change of 2,586%, signaling a sharp burst of new bearish positioning. A call at the $55 strike expiring January 19, 2029 printed with a size of 3,000 contracts and an open interest change of 45%, reflecting a much smaller relative surge but a far larger premium outlay of $1,473,000.
• Bull Case: The dominant contract by dollar value is the $55 call, which carries $1,473,000 in premium and a January 2029 expiration, suggesting at least one large trader is willing to make a multi-year bet on a meaningful recovery in NKE. A move to $55 from the current price of $38.72 would represent a significant rebound toward the mid-range of the 52-week band.
• Bear Case: The put contract at the $37.50 strike, expiring in just two weeks on November 13, 2026, posted an open interest surge of 2,586%, an extreme reading that points to a rapid and deliberate buildup of near-term downside protection. At $38.72, NKE is only $1.22 above that strike, meaning the put is already close to the money and would pay off quickly on any near-term weakness toward the 52-week low of $31.97.

The forward setup for Nike remains challenging. The stock has spent much of the past year compressed near multi-year lows, and the 2,586% open interest spike on the short-dated put is a signal that at least some institutional participants see meaningful downside risk before mid-November. At the same time, the long-dated $55 call suggests a contrasting view that current levels may represent longer-term value. Traders will likely be watching for any catalysts, including commentary on North America consumer demand, inventory levels, and the company's ongoing brand repositioning efforts, that could resolve the near-term directional uncertainty implied by Friday's split options flow.

NKE Unusual Options Activity

• Contract 1: Put | Strike: $37.50 | Expiry: November 13, 2026 | Volume: 1,138 | Open Interest Change: 2,586% | Status: OTM | Premium: $55,762
• Contract 2: Call | Strike: $55.00 | Expiry: January 19, 2029 | Volume: 3,000 | Open Interest Change: 45% | Status: OTM | Premium: $1,473,000

Total unusual premium across both contracts: $1,528,762. The put contract dominated on a relative open interest basis while the call dominated on a raw premium basis, underscoring the divergent nature of Friday's flow.

NKE Seasonality

Late October and early November have historically been a transitional period for consumer discretionary names like Nike, as the market begins pricing in holiday quarter results and forward guidance. A near-term put expiring November 13, 2026 positions the buyer to profit ahead of any potential mid-November catalysts or macro-driven consumer spending updates.

NKE Relative Performance

Nike's current price of $38.72 represents a position deeply below its 52-week high of $70.44, a decline of roughly 45% from peak levels, underscoring significant underperformance relative to the broader consumer discretionary sector over the past year. The stock's proximity to its 52-week low of $31.97 suggests it has failed to recover alongside many peers, which adds context to why options traders appear divided between a near-term bearish hedge and a long-duration recovery bet.