PepsiCo Sees $1.3M in Unusual Call Activity as Bulls Bet on a Rebound Above $147 and $155

By TrendSpider Editor

Two unusual call contracts totaling $1,296,096 in combined premium hit the tape for PepsiCo, Inc. on Wednesday, signaling that some options traders are positioning for upside despite the stock sliding 0.67% on the session. PEP currently trades at $144.01, sitting in the lower half of its 52-week ran

PepsiCo Sees $1.3M in Unusual Call Activity as Bulls Bet on a Rebound Above $147 and $155

Two unusual call contracts totaling $1,296,096 in combined premium hit the tape for PepsiCo, Inc. on Wednesday, signaling that some options traders are positioning for upside despite the stock sliding 0.67% on the session. PEP currently trades at $144.01, sitting in the lower half of its 52-week range of $132.96 to $171.48, leaving meaningful room to the upside if either contract plays out. The size and structure of these trades stand out against existing open interest, suggesting fresh, directional conviction rather than routine hedging.

Key Drivers of the PEP Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, with a combined premium of $1,296,096. The first is a $147 call expiring July 10, 2026, with a size of 1,690 contracts and open interest utilization of 477%. The second is a $155 call expiring September 18, 2026, with a size of 4,000 contracts and open interest utilization of just 9%, suggesting the latter strike saw a significant surge in fresh positioning.
• Bull Case: The $155 September call, which carried $1,096,000 in premium alone, gives traders over two months for PEP to recover toward levels last seen in the upper portion of its 52-week range. The $147 strike, expiring in just two days, implies near-term expectations of a quick move above current prices from $144.01, with an open interest ratio of 477% indicating this strike was heavily targeted relative to existing contracts.
• Bear Case: Both strikes are out of the money from the current price of $144.01, meaning PEP must move meaningfully higher for these contracts to pay off. The $147 call expires on July 10, leaving virtually no time for the stock to close that gap, and with PEP already down on the session, short-term momentum is not supportive.

The forward setup for PEP is a study in tension between technical pressure and potential smart-money conviction. The stock has spent much of the past year trading well below its 52-week high of $171.48, and at $144.01 it remains closer to its 52-week low of $132.96 than its peak. The $1.1 million bet on the September $155 call is particularly notable as a longer-duration, higher-strike wager that implies a roughly 7.6% move from current levels within the next 10 weeks. While today's price action is mildly negative, the unusual options flow introduces a counternarrative worth monitoring as the week progresses.

PEP Unusual Options Activity

Two call contracts were flagged as unusual on Wednesday, with no put activity reported. Details are as follows:

• Contract 1: Call | Strike: $147 | Expiry: July 10, 2026 | Volume: 1,690 | Open Interest Utilization: 477% | Out of the Money | Premium: $200,096
• Contract 2: Call | Strike: $155 | Expiry: September 18, 2026 | Volume: 4,000 | Open Interest Utilization: 9% | Out of the Money | Premium: $1,096,000

The total unusual premium across both contracts came to $1,296,096, entirely on the call side. The stark difference in open interest utilization between the two contracts tells an interesting story. The July $147 call at 477% of open interest suggests concentrated, outsized activity at a strike that already had established positioning. The September $155 call at just 9% of open interest indicates that the 4,000-contract volume represents nearly entirely new positioning being established today.

PEP Seasonality

Mid-summer has historically been a mixed period for consumer staples names like PepsiCo, as investors balance steady dividend appeal against seasonal demand data and upcoming earnings visibility. Options flow targeting the September expiration could be reflecting anticipation of a catalyst in that window, such as a quarterly earnings report or a broader sector rotation back into defensive names.

PEP Relative Performance

PEP slipped 0.67% on Wednesday, a modest underperformance for a stock that has already been under pressure relative to its 52-week high of $171.48. Trading at $144.01, PepsiCo remains roughly 16% below that peak, underscoring the recovery potential that the September $155 call buyers appear to be betting on. Without additional peer or index data in today's report, the stock's position near the midpoint of its annual range remains the most relevant comparative reference point for gauging relative strength.