PEP Stock Sees $1.25M in Unusual Put Activity Even as Shares Rise 1.89%

April 28, 2026

By TrendSpider Editor

PEP Stock Sees $1.25M in Unusual Put Activity Even as Shares Rise 1.89%

Despite a positive session for PepsiCo, Inc., unusual options activity is flashing a cautious signal, with two notable put contracts totaling roughly $1.25 million in combined premium hitting the tape on Tuesday. The larger of the two contracts, a $155 put expiring June 18, 2026, alone accounted for $1,230,000 in premium on a block of 3,000 contracts. PEP shares currently trade at $157.01, sitting closer to the upper half of their 52-week range of $127.60 to $171.48, giving today's downside-oriented flow added weight.

Key Drivers of the PEP Stock Move

Main Catalyst: Two unusual put contracts were flagged today totaling $1,255,398 in premium. The dominant trade was a PUT at the $155 strike expiring May 18, 2026, with 3,000 contracts traded and an open interest percentage of 79%. A second, smaller put at the $145 strike expiring May 15, 2026 added 747 contracts and $25,398 in premium, with an open interest percentage of 87%.
Bull Case: PEP shares are up 1.89% on the session, demonstrating near-term buying pressure. The stock remains well above the 52-week low of $127.60, and both put strikes ($155 and $145) are currently out of the money relative to the $157.01 price, meaning the options traders are positioning for a move lower rather than reacting to an immediate breakdown.
Bear Case: Both contracts are puts, making today's unusual flow entirely one-directional to the downside. The $155 strike put sits just $2.01 below the current price, making it a relatively near-the-money bet that PEP gives back recent gains before June expiration. The high open interest percentages of 87% and 79% on these contracts suggest these are largely new positions rather than hedges against existing longs.

The forward setup for PepsiCo warrants attention as bearish options positioning builds even on a green tape day. When large put premiums are deployed against a rising stock, it often reflects institutional hedging or directional bets that the current strength will not hold. With the $155 strike so close to the current price of $157.01, a modest pullback would bring that June contract into the money. Investors should monitor whether this put activity grows in the coming sessions or whether call flow emerges to offset today's bearish signal.

PEP Unusual Options Activity

Two unusual put contracts were flagged in PEP today, with no call contracts recorded in the unusual flow:

Contract 1: PUT, $145 strike, expiring May 15, 2026 | Volume: 747 | Open Interest %: 87% | Out of the money | Premium: $25,398
Contract 2: PUT, $155 strike, expiring June 18, 2026 | Volume: 3,000 | Open Interest %: 79% | Out of the money | Premium: $1,230,000

Combined, the two contracts represent $1,255,398 in total unusual options premium, all directed toward the downside. The June $155 put is the dominant trade by a wide margin, accounting for roughly 98% of total unusual premium on the day.

PEP Seasonality

PepsiCo has historically exhibited relative stability heading into the summer months, supported by seasonal demand trends in its beverage segment. However, late April and May can bring post-earnings volatility, and with options traders targeting May and June expirations specifically, the timing of this put activity aligns with a window that has historically seen PEP digest quarterly results and guidance updates.

PEP Relative Performance

PEP is posting a gain of 1.89% on the session, trading at $157.01 within its 52-week range of $127.60 to $171.48. The stock is trading roughly in the middle-to-upper portion of that annual range, reflecting a partial recovery from lows but still sitting approximately $14.47 below the 52-week high of $171.48. The day's positive price action stands in contrast to the bearish lean of today's unusual options flow, a divergence worth tracking as the week progresses.