QCOM Stock: Unusual Put Activity Signals Bearish Positioning as Qualcomm Trades Near 52-Week Lows
By TrendSpider Editor
Three unusual put contracts totaling $1,349,054 in premium have surfaced in QUALCOMM options markets, drawing attention to bearish positioning just as the stock hovers near the lower end of its 52-week range. QCOM is currently trading at $134.55, down 1.12% on the session, sitting dramatically close
QCOM Stock: Unusual Put Activity Signals Bearish Positioning as Qualcomm Trades Near 52-Week Lows
Three unusual put contracts totaling $1,349,054 in premium have surfaced in QUALCOMM options markets, drawing attention to bearish positioning just as the stock hovers near the lower end of its 52-week range. QCOM is currently trading at $134.55, down 1.12% on the session, sitting dramatically closer to its 52-week low of $121.99 than its 52-week high of $205.55. The clustering of put activity across June 2026 expirations suggests traders are bracing for continued downside pressure over the next two months.
Key Drivers of the QCOM Stock Move
- Main Catalyst: Three unusual put contracts were flagged today, all expiring June 18, 2026, with strikes at $135, $125, and $120. Combined, these contracts represent $1,349,054 in total premium, with the largest single block being a 2,000-contract put at the $120 strike carrying $600,000 in premium.
- Bull Case: The $135 put is currently in the money, meaning the stock is already pressing on that level, which could attract contrarian buyers looking for a bounce off technical support near the 52-week low of $121.99. Heavy put buying can sometimes signal a sentiment extreme that precedes a reversal.
- Bear Case: The $120 put at a 92% open interest ratio indicates this is a largely fresh position with very little existing open interest being recycled. A 2,000-contract block at that strike suggests conviction behind a move below current levels, and a break of $121.99 would represent new multi-year lows for the stock.
The forward setup for QCOM is challenging. The stock has shed roughly 35% from its 52-week high of $205.55, and the concentration of June put activity across three strikes forms a layered bearish structure targeting a range between $120 and $135. This kind of stacked positioning often reflects either a hedge against an existing long equity position or an outright directional bet ahead of a known catalyst, such as an earnings release or a macro event affecting the semiconductor sector. With the stock already trading just $12.56 above its 52-week floor, the margin for error on the long side is narrow. Traders should watch whether price can hold above the $121.99 level in the weeks ahead, as a breakdown there would validate the most aggressive of the three put positions.
QCOM Unusual Options Activity
- Contract 1: Put | Strike: $135 | Expiry: June 18, 2026 | Volume: 599 | Open Interest: 16% | Status: In the Money | Premium: $526,820.50
- Contract 2: Put | Strike: $120 | Expiry: June 18, 2026 | Volume: 2,000 | Open Interest: 92% | Status: Out of the Money | Premium: $600,000
- Contract 3: Put | Strike: $125 | Expiry: June 18, 2026 | Volume: 511 | Open Interest: 10% | Status: Out of the Money | Premium: $222,233.90
All three contracts share the same June 18, 2026 expiration date, pointing to a coordinated or thematic bearish thesis rather than isolated hedging. The $120 strike stands out with a 92% open interest ratio, indicating the vast majority of that position was opened today as new exposure.
QCOM Seasonality
The April-to-June window has historically been an active period for semiconductor stocks ahead of mid-year earnings cycles and product refresh announcements. Options positioned at the June 18, 2026 expiration would capture any earnings-related volatility if Qualcomm reports within that window, making the timing of this put activity particularly noteworthy.
QCOM Relative Performance
QCOM's current price of $134.55 represents a decline of roughly 34.5% from its 52-week high of $205.55, a drawdown that significantly underperforms the broader semiconductor sector if peers have held up better during the same period. Trading only $12.56 above its 52-week low of $121.99, QCOM is one of the weaker performers within its peer group by range position, with its price sitting in approximately the 6th percentile of its annual range.