QCOM Stock: Unusual Options Activity Flags Bearish Hedge as Qualcomm Trades Near 52-Week Lows
By TrendSpider Editor
Two unusual options contracts totaling $2,228,702 in combined premium are drawing attention in QUALCOMM Incorporated as the stock trades at $135.88, down 0.82% on the session. The activity includes a large near-term put and a longer-dated call, suggesting traders are positioning for both short-term
QCOM Stock: Unusual Options Activity Flags Bearish Hedge as Qualcomm Trades Near 52-Week Lows
Two unusual options contracts totaling $2,228,702 in combined premium are drawing attention in QUALCOMM Incorporated as the stock trades at $135.88, down 0.82% on the session. The activity includes a large near-term put and a longer-dated call, suggesting traders are positioning for both short-term downside risk and a potential longer-term recovery. With QCOM sitting closer to its 52-week low of $120.80 than its 52-week high of $205.55, the options flow reflects the uncertainty surrounding the stock at a technically sensitive level.
Key Drivers of the QCOM Stock Move
- Main Catalyst: Two unusual options contracts have been flagged in QCOM with a combined premium of $2,228,702. The larger by premium is a CALL at the $150 strike expiring June 17, 2027, carrying $1,880,000 in premium with a size of 1,000 contracts and open interest that is 429% above normal. A PUT at the $129 strike expiring March 20, 2026 was also flagged, with a size of 1,917 contracts, $348,702 in premium, and open interest running 697% above its baseline.
- Bull Case: The $150 call with $1,880,000 in premium and a June 2027 expiration signals that at least one large participant is betting on a meaningful recovery from current levels. A move to $150 would represent roughly 10.4% upside from the current price of $135.88, and the extended duration gives the position time to develop as fundamentals potentially improve.
- Bear Case: The $129 put expiring March 20, 2026 is an aggressive near-term hedge with open interest running 697% above its baseline, the highest relative spike of the two contracts. If QCOM breaks below $129, it would mark a new 52-week low below the current floor of $120.80 on a closing basis, and the proximity of the strike to current price suggests real concern about downside over the next two weeks.
The forward setup for QCOM is complicated by the stock's position within its 52-week range. Trading at $135.88, the stock has already surrendered a significant portion of its range, sitting well below the $205.55 high reached over the past year. The near-term put expiring in just two weeks reflects a specific and timely directional bet, while the longer-dated call suggests a bifurcated view on the name: protect against further near-term weakness while maintaining exposure to a potential rebound. Qualcomm continues to navigate a competitive landscape in mobile chipsets and is expanding its automotive and AI-related semiconductor efforts, both of which carry longer development timelines that may explain the split in conviction between the two expirations.
QCOM Unusual Options Activity
- Contract 1: CALL | Strike: $150 | Expiry: June 17, 2027 | Volume (Size): 1,000 | Open Interest: 429% above baseline | Status: OTM
- Contract 2: PUT | Strike: $129 | Expiry: March 20, 2026 | Volume (Size): 1,917 | Open Interest: 697% above baseline | Status: OTM
A total of 2 unusual contracts were flagged with $2,228,702 in combined premium. The put carries the higher relative open interest spike at 697%, while the call accounts for the majority of the premium at $1,880,000. The contrast between a two-week put and a 15-month call suggests different participants or strategies are layered into the same ticker simultaneously.
QCOM Seasonality
March has historically been a transitional month for semiconductor stocks as the industry moves past the holiday demand cycle and begins pricing in expectations for the spring and summer product refresh cycle. The near-term put expiring March 20 lands just ahead of the typical mid-month repositioning window, which can amplify short-term volatility in high-beta chip names like QCOM.
QCOM Relative Performance
QCOM's current price of $135.88 represents a decline of roughly 33.9% from its 52-week high of $205.55, a steeper drawdown than many of its large-cap semiconductor peers that have held up better during recent sector rotations. The 0.82% decline on today's session adds to what has been a prolonged period of underperformance relative to the broader chip sector, and the stock's proximity to its 52-week low of $120.80 keeps technical pressure elevated heading into next week.