Palantir Sees $70M in Unusual Call Activity as Stock Hovers Near Midpoint of 52-Week Range

By TrendSpider Editor

Palantir Technologies is drawing serious attention in the options market today, with four unusual call contracts generating a combined $70,196,590 in total premium. The stock is currently trading at $171.58, down 0.56% on the session, sitting roughly in the middle of its 52-week range of $106.375 to

Palantir Sees $70M in Unusual Call Activity as Stock Hovers Near Midpoint of 52-Week Range

Palantir Technologies is drawing serious attention in the options market today, with four unusual call contracts generating a combined $70,196,590 in total premium. The stock is currently trading at $171.58, down 0.56% on the session, sitting roughly in the middle of its 52-week range of $106.375 to $207.52. The unusual options flow is heavily skewed bullish, with all four flagged contracts being calls and zero puts recorded.

Key Drivers of the PLTR Stock Move

• Main Catalyst: Four unusual call contracts were flagged today totaling $70,196,590 in premium. The two largest trades were a pair of deeply in-the-money $35 strike calls, one expiring August 21, 2026 and one expiring December 18, 2026, each with a size of 2,558 contracts. Two additional out-of-the-money calls at the $180 and $190 strikes were also flagged, expiring in August and September 2026 respectively.
• Bull Case: The dominant premium in this session is concentrated in the two ITM $35 strike calls, which together account for roughly $69.97 million of the total $70.2 million in unusual premium. The December $35 call alone carries an open interest utilization of 59%, signaling strong existing conviction at that strike. The near-term August $35 call shows 12% OI utilization with an identical size of 2,558 contracts, suggesting coordinated or rolling activity.
• Bear Case: Despite the large nominal premium, the $35 strike calls are deep in the money with PLTR at $171.58, meaning much of that premium reflects intrinsic value rather than speculative directional bets. The OTM calls at the $180 and $190 strikes, which would represent more purely directional wagers, carry relatively modest premiums of $35,897.60 and $186,602.40 respectively, and show very low open interest utilization at 2% and 5%.

The forward setup for Palantir remains data-intensive. The stock is trading approximately $36 below its 52-week high of $207.52 and is up significantly from the 52-week low of $106.375, leaving room for both continuation and pullback scenarios. The concentration of call activity at the $35 strike across two different expirations suggests an institutional player may be rolling or adjusting an existing long equity replacement or leveraged position rather than initiating a fresh directional bet. The OTM $180 and $190 calls expiring in August and September 2026 are worth monitoring as near-term sentiment gauges, though their small premium footprints limit their signaling power at this stage.

PLTR Unusual Options Activity

• Contract 1: Call, $35 strike, expiring August 21, 2026 | Volume: 2,558 | OI Utilization: 12% | Status: In the Money | Premium: $34,903,910
• Contract 2: Call, $35 strike, expiring December 18, 2026 | Volume: 2,558 | OI Utilization: 59% | Status: In the Money | Premium: $35,070,180
• Contract 3: Call, $180 strike, expiring August 21, 2026 | Volume: 632 | OI Utilization: 2% | Status: Out of the Money | Premium: $35,897.60
• Contract 4: Call, $190 strike, expiring September 18, 2026 | Volume: 636 | OI Utilization: 5% | Status: Out of the Money | Premium: $186,602.40

PLTR Seasonality

Mid-August has historically been a transitional period for high-growth technology names, as institutional players begin positioning ahead of the fall earnings season. With Palantir's next earnings cycle approaching, the December 2026 expiry on the larger ITM call suggests at least one market participant is maintaining exposure well beyond the near-term reporting window.

PLTR Relative Performance

Palantir's current price of $171.58 reflects a modest intraday decline of 0.56%, which is relatively contained given the broader volatility that can affect high-beta AI and data analytics names. The stock remains up substantially from its 52-week low of $106.375, representing a gain of more than 61% from that floor, though it still sits approximately 17% below its 52-week high of $207.52, leaving a meaningful gap before prior peak levels are tested.