Shopify Sees $1.1M in Unusual Options Activity as Bulls Target $125 Call Strike

By TrendSpider Editor

The forward setup for SHOP is technically important. The stock is currently trading closer to its 52-week low of $94.00 than its high of $182.19, which gives context to both the bullish call positioning and the hedging activity visible in today's put flow. The $125 August call essentially defines a

Shopify Sees $1.1M in Unusual Options Activity as Bulls Target $125 Call Strike

Key Drivers of the SHOP Stock Move

• Main Catalyst: Four unusual options contracts were flagged today totaling $1,127,441.20 in premium. The dominant trade was a 1,000-contract call block at the $125 strike expiring August 21, 2026, representing $910,000 in premium. A deeply in-the-money put at the $195 strike expiring October 16, 2026 added another $158,600 to the flow.
• Bull Case: The $125 call, currently out of the money with an open interest utilization of 88%, reflects a directional bet that SHOP can rally more than 8% from current levels before mid-August. Combined with the ITM $98 call expiring July 10, the call-side premium dwarfs put-side premium, suggesting net bullish positioning in today's unusual flow.
• Bear Case: The $195 strike put expiring October 16 is deeply in the money relative to the current price of $115.78 and carries $158,600 in premium at 1000% of open interest, indicating a fresh position. This contract could represent a hedge against a long equity position, or a standalone bearish view on a potential rebound toward that level failing to materialize. Additionally, the $111 put expiring July 10 shows open interest utilization of 947%, signaling significant relative activity at a strike only about $4.78 below the current price.

The forward setup for SHOP is technically important. The stock is currently trading closer to its 52-week low of $94.00 than its high of $182.19, which gives context to both the bullish call positioning and the hedging activity visible in today's put flow. The $125 August call essentially defines a near-term upside target that options traders are paying meaningful premium to participate in, while the proximity of the $111 July put strike to current price suggests some market participants are protecting against further near-term downside. The mixed but premium-weighted bullish tone of today's flow will be worth watching as the stock navigates the second half of the year.

SHOP Unusual Options Activity

• Contract 1: Call, $125 strike, expiring August 21, 2026 | Volume: 1,000 | Open Interest Utilization: 88% | Out of the money | Premium: $910,000
• Contract 2: Put, $111 strike, expiring July 10, 2026 | Volume: 142 | Open Interest Utilization: 947% | Out of the money | Premium: $32,816.20
• Contract 3: Call, $98 strike, expiring July 10, 2026 | Volume: 15 | Open Interest Utilization: 1,000% | In the money | Premium: $26,025
• Contract 4: Put, $195 strike, expiring October 16, 2026 | Volume: 20 | Open Interest Utilization: 1,000% | In the money | Premium: $158,600

SHOP Seasonality

Late June and early July have historically marked a transitional period for e-commerce and technology stocks as investors begin positioning ahead of second-quarter earnings reports. Unusual options activity of this nature in late June, particularly with July and August expirations, often reflects traders attempting to get ahead of a catalyst expected within the next four to eight weeks.

SHOP Relative Performance

SHOP is currently trading at $115.78, reflecting a 0.92% decline on the session. With a 52-week range spanning $94.00 to $182.19, the stock remains well below its annual highs and has significant ground to recover. The positioning in today's unusual options flow, particularly the $125 August call, suggests some market participants anticipate a near-term mean-reversion move higher from the current price level.