Shopify Bears Load Up on Puts as $3M in Unusual Options Flow Hits SHOP Near 52-Week Lows

May 8, 2026

By TrendSpider Editor

Shopify Bears Load Up on Puts as $3M in Unusual Options Flow Hits SHOP Near 52-Week Lows

Shopify Inc. saw $3,063,140 in total unusual options premium flow into two large put contracts on Friday, May 8, with traders positioning for further downside as SHOP trades at $110.44, down 1.16% on the session. Both contracts are out of the money, suggesting conviction that the stock has more room to fall from current levels. With SHOP sitting closer to its 52-week low of $88.14 than its 52-week high of $182.19, the bearish positioning adds weight to an already pressured technical backdrop.

Key Drivers of the SHOP Stock Move

Main Catalyst: Two unusual put contracts totaling $3,063,140 in premium hit the tape today. A $100 strike put expiring September 18, 2026 printed 850 contracts with 56% open interest change, and a larger $105 strike put expiring January 15, 2027 printed 1,200 contracts with 37% open interest change. Both are out of the money relative to the current price of $110.44.
Bull Case: Both put strikes ($100 and $105) remain below the current price of $110.44, meaning SHOP would need to decline an additional 4% to 8% before these trades move into the money. The stock has already absorbed a steep drawdown from its 52-week high of $182.19, and a significant portion of the bearish move may already be priced in.
Bear Case: The sheer size and premium of these trades is difficult to ignore. The January 2027 put alone carried $2,172,000 in premium, representing the dominant portion of the total flow. That longer-dated conviction suggests at least one institutional player expects pressure on SHOP to extend well beyond the near term, with the $100 strike just 9.5% above the 52-week low of $88.14.

The forward setup for SHOP is challenging. The stock has lost more than 39% from its 52-week high of $182.19, and today's unusual put activity signals that sophisticated options traders are not yet calling a bottom. The January 2027 expiry on the larger contract gives that position over eight months to play out, reflecting a patient, medium-term bearish thesis rather than a short-term speculative bet. Investors will be watching for any catalyst that could reverse the trend, though today's flow suggests the smart money is not yet positioning for a recovery.

SHOP Unusual Options Activity

Contract 1: Put | Strike: $100 | Expiry: September 18, 2026 | Volume: 850 | Open Interest Change: 56% | Status: Out of the Money | Premium: $891,140
Contract 2: Put | Strike: $105 | Expiry: January 15, 2027 | Volume: 1,200 | Open Interest Change: 37% | Status: Out of the Money | Premium: $2,172,000

Total unusual contracts flagged: 2. Total combined premium: $3,063,140. Both contracts are puts, making the net options direction firmly bearish. The January 2027 contract accounts for roughly 71% of the total premium flow, indicating the larger and more heavily weighted bet is positioned for extended downside into early next year.

SHOP Seasonality

Historically, the May through September window has been a mixed period for high-growth technology and e-commerce names, with summer months often bringing lighter trading volumes and reduced consumer spending catalysts. The September 2026 put expiry aligns with the end of that seasonally softer stretch, which may inform the timing of the nearer-dated contract.

SHOP Relative Performance

At $110.44, SHOP is trading roughly 39% below its 52-week high of $182.19, underperforming the broader e-commerce and technology sector peers that have seen varying degrees of recovery in 2026. The stock's proximity to its 52-week low of $88.14, just 20% below current levels, highlights how much ground Shopify has lost over the past year and underscores why bearish options traders are finding the current range an attractive entry point for downside protection.