Shopify Stock Sees $1.09M in Bearish Put Activity Even as Shares Climb 2.63%
By TrendSpider Editor
The forward setup for Shopify is one of conflicting signals. The stock remains roughly 36% below its 52-week high of $182.19, leaving substantial room for recovery if business momentum holds. However, the concentration of put premium, particularly the large September $90 contract, suggests at least
Shopify Stock Sees $1.09M in Bearish Put Activity Even as Shares Climb 2.63%
Shopify Inc. (SHOP) is drawing attention in the options market Thursday after three unusual put contracts totaling $1,094,302 in premium changed hands, signaling potential downside hedging even as the stock gains 2.63% to $115.91. The activity stands out given that SHOP trades well off its 52-week high of $182.19 and has been working to recover from a 52-week low of $94.00. The combination of a rising share price and concentrated bearish options flow creates a notable divergence worth watching.Key Drivers of the SHOP Stock Move
- Main Catalyst: Three unusual put contracts were flagged Thursday, with the dominant trade being a PUT at the $90 strike expiring September 18, 2026, carrying $950,000 in premium on 2,000 contracts. Two additional puts, a $115 strike expiring July 2 and a $95 strike expiring July 17, added another $144,302 in combined premium to the bearish flow.
- Bull Case: SHOP is up 2.63% on the session to $115.91, suggesting near-term buying pressure. The $90 and $95 strike puts are both out of the money, meaning the contracts would only pay off on a meaningful decline from current levels, so they may represent portfolio hedges rather than outright directional bets.
- Bear Case: The $950,000 put at the $90 strike represents a sizable wager that SHOP could revisit levels near its 52-week low of $94.00 by mid-September. The $115 put expiring July 2 sits essentially at the money relative to the current price of $115.91 and carries an open interest ratio of 267%, indicating the new volume dwarfs existing positioning at that strike.
The forward setup for Shopify is one of conflicting signals. The stock remains roughly 36% below its 52-week high of $182.19, leaving substantial room for recovery if business momentum holds. However, the concentration of put premium, particularly the large September $90 contract, suggests at least some institutional participants are paying up to protect against a return toward the lower end of SHOP's annual range. With the stock currently sitting at $115.91, the $95 and $90 puts require a decline of roughly 18% to 22% from current levels to move into the money, pointing toward a hedging or tail-risk posture rather than high-conviction short positioning. Traders should monitor whether call-side activity emerges to offset this bearish flow in the sessions ahead.
SHOP Unusual Options Activity
- Contract 1: PUT, $115 strike, expiring July 2, 2026 | Size: 48 contracts | Open Interest Ratio: 267% | Status: OTM | Premium: $32,640
- Contract 2: PUT, $90 strike, expiring September 18, 2026 | Size: 2,000 contracts | Open Interest Ratio: 27% | Status: OTM | Premium: $950,000
- Contract 3: PUT, $95 strike, expiring July 17, 2026 | Size: 641 contracts | Open Interest Ratio: 34% | Status: OTM | Premium: $111,662
All three contracts are puts, and no call-side unusual activity was recorded Thursday, making the net directional lean of this options flow entirely bearish. Total unusual premium across the three contracts reached $1,094,302.
SHOP Seasonality
Early June marks the lead-up to mid-year portfolio rebalancing periods, when institutional players frequently add protective puts on momentum names that have lagged their highs. SHOP's position roughly 36% below its 52-week peak makes it a candidate for this type of defensive options activity as the calendar moves toward the second half of 2026.
SHOP Relative Performance
At $115.91, SHOP is trading in the lower half of its 52-week range of $94.00 to $182.19, reflecting underperformance relative to where the stock has been over the past year. The 2.63% gain on Thursday shows some near-term resilience, but the stock would need to rally more than 57% from current levels just to reclaim its 52-week high, a gap that underscores the magnitude of the drawdown SHOP has experienced and provides context for why bearish hedging activity remains elevated.