Shopify Sees $3.58 Million Bearish Put Sweep as Stock Sits Near Mid-Range

By TrendSpider Editor

A single unusual options contract totaling $3,580,000 in premium has appeared in Shopify Inc. (SHOP) today, flagging a notable bearish directional bet as the stock trades at $152.84, down 0.97% on the session. The contract is a put with a $135 strike expiring in June 2027, sitting out of the money a

Shopify Sees $3.58 Million Bearish Put Sweep as Stock Sits Near Mid-Range

A single unusual options contract totaling $3,580,000 in premium has appeared in Shopify Inc. (SHOP) today, flagging a notable bearish directional bet as the stock trades at $152.84, down 0.97% on the session. The contract is a put with a $135 strike expiring in June 2027, sitting out of the money and carrying an open interest reading that is 93% new positioning. With SHOP trading between a 52-week low of $94.00 and a high of $182.19, this flow lands closer to the upper half of that annual range, making the size and direction of this trade worth watching closely.

Key Drivers of the SHOP Stock Move

• Main Catalyst: One unusual put contract was detected today on SHOP with a $135 strike, a June 17, 2027 expiration, a size of 2,000 contracts, and a total premium of $3,580,000. The 93% open interest reading suggests this is nearly entirely fresh positioning rather than a close of an existing trade.
• Bull Case: The $135 strike sits roughly $17.84 below today's price of $152.84, meaning the stock would need to fall more than 11% from current levels before this put moves into the money. Bears are paying for protection well below the current market price, which could reflect a hedge rather than an outright directional short.
• Bear Case: A $3,580,000 single-contract premium commitment is a significant capital outlay, and the long-dated June 2027 expiration gives this position nearly ten months to play out. If the trader is expressing a directional view rather than hedging, it signals conviction that SHOP could retrace meaningfully toward the lower end of its 52-week range near $94.00.

The forward setup for SHOP is shaped by two competing forces. On one hand, the stock has already demonstrated range expansion this year, recovering sharply off the $94.00 52-week low and pushing toward the $182.19 high. On the other hand, today's 0.97% decline and this sizable put purchase suggest at least one large participant is positioning for downside over the next ten months. The long expiration window on this contract is notable because it extends well beyond most near-term catalysts, including quarterly earnings cycles, suggesting this could be a macro or sector-level hedge tied to broader e-commerce or consumer spending concerns rather than a pure short-term trade.

SHOP Unusual Options Activity

One unusual options contract was flagged in SHOP today, representing the entirety of the unusual flow detected in this session:

• Type: Put | Strike: $135 | Expiry: June 17, 2027 | Volume/Size: 2,000 contracts | Open Interest Reading: 93% new | Premium: $3,580,000

The contract is currently out of the money, with the stock trading at $152.84 at the time of detection. The 93% open interest percentage indicates this is overwhelmingly fresh positioning. No call contracts were detected as unusual today, making this a one-sided bearish flow event with a total of one unusual contract flagged.

SHOP Seasonality

Late August and the lead-up to fall have historically been a transitional period for e-commerce stocks like Shopify, as investors begin pricing in holiday season merchant activity and platform volume expectations. A put position initiated now with a June 2027 expiry would span two full holiday commerce cycles, which may factor into the strategic timing of this trade.

SHOP Relative Performance

SHOP is down 0.97% today, trading at $152.84 against a 52-week range of $94.00 to $182.19. The stock is currently sitting approximately 16% below its 52-week high and roughly 62% above its 52-week low, positioning it in the upper half of its annual trading range. Today's modest pullback combined with a large out-of-the-money put purchase suggests at least some institutional participants are not fully convinced the stock can sustain or extend its gains from the annual low.