Reddit Options Traders Make a $2.93M Bullish Bet With a $280 Call Target Through 2028

By TrendSpider Editor

Two unusual options contracts totaling $2,977,590 in combined premium surfaced in Reddit, Inc. (RDDT) on Thursday, with the dominant trade being a massive 1,250-contract call position at the $280 strike expiring in June 2028, carrying a $2,931,250 premium. RDDT shares are currently trading at $150.3

Reddit Options Traders Make a $2.93M Bullish Bet With a $280 Call Target Through 2028

Two unusual options contracts totaling $2,977,590 in combined premium surfaced in Reddit, Inc. (RDDT) on Thursday, with the dominant trade being a massive 1,250-contract call position at the $280 strike expiring in June 2028, carrying a $2,931,250 premium. RDDT shares are currently trading at $150.33, down 1.95% on the session, sitting in the lower half of its 52-week range of $119.27 to $263.50. The positioning signals that at least one large participant is making a long-duration bullish wager that Reddit can reclaim and surpass prior highs well into 2028.

Key Drivers of the RDDT Stock Move

• Main Catalyst: Two unusual options contracts were flagged today, representing a combined $2,977,590 in total premium. The anchor trade is a 1,250-contract call at the $280 strike expiring June 16, 2028, carrying a $2,931,250 premium and sitting deeply out of the money relative to the current $150.33 share price. A smaller 28-contract in-the-money call at the $147 strike expiring November 20, 2026, contributed an additional $46,340 in premium.
• Bull Case: The $280 strike call represents an enormous single-position commitment of $2,931,250 in premium with an open interest change of 17%, suggesting this is a directional bet by a high-conviction participant. The long-dated June 2028 expiration gives the trade nearly 20 months of runway, implying a thesis built around Reddit's longer-term monetization trajectory rather than a near-term catalyst play. Meanwhile, the $147 strike call is already in the money with the stock at $150.33, showing immediate intrinsic value.
• Bear Case: RDDT is currently trading at $150.33, which means the $280 call requires the stock to appreciate roughly 86% from current levels just to reach breakeven at expiration. The stock is already well off its 52-week high of $263.50 and closer to the 52-week low of $119.27, raising questions about whether the momentum needed to justify such a target can realistically build over the period. The 1.95% decline on the session adds to near-term uncertainty.

The forward setup for RDDT is defined by a sharp divergence between near-term price weakness and the long-duration bullish positioning seen in today's unusual flow. With shares sitting at $150.33 and having already tested the lower end of the 52-week range near $119.27, the stock faces a meaningful technical challenge before it can mount a credible run toward the $263.50 prior high, let alone the $280 options target. The near-term November call at the $147 strike being in the money does reflect some short-term tactical interest as well, suggesting layered positioning across different time horizons. Traders will be watching whether today's session low holds as a floor or whether selling pressure continues to compress the stock further into year-end.

RDDT Unusual Options Activity

• Contract 1: Call | Strike: $147 | Expiry: November 20, 2026 | Volume: 28 contracts | Open Interest Change: 1,000% | Status: In the Money | Premium: $46,340
• Contract 2: Call | Strike: $280 | Expiry: June 16, 2028 | Volume: 1,250 contracts | Open Interest Change: 17% | Status: Out of the Money | Premium: $2,931,250

Both flagged contracts are calls, with zero puts among the unusual activity today. Total unusual premium across both contracts reached $2,977,590, reflecting an entirely bullish skew in today's flagged flow. The $280 June 2028 contract dominates the activity, accounting for roughly 98% of total unusual premium.

RDDT Seasonality

Late October has historically been a transitional period for high-growth technology and social media names, often setting the tone heading into year-end earnings cycles. For Reddit specifically, the Q3 reporting window in late October and early November can bring elevated volatility, which may explain the preference for longer-dated contracts to sidestep near-term noise.

RDDT Relative Performance

RDDT's 1.95% decline on Thursday puts it under modest pressure relative to the broader market session. At $150.33, the stock sits approximately 43% below its 52-week high of $263.50, underperforming the recoveries seen in many large-cap technology peers that have managed to hold closer to their annual highs. The proximity to the 52-week low of $119.27 suggests RDDT has lagged its sector peers meaningfully over the trailing year, which may be contributing to the attractiveness of long-dated, out-of-the-money call positioning for traders looking to capture a potential catch-up trade.