Walmart Stock Sees $15.6 Million Bullish Options Bet as Shares Trade Near 52-Week Highs

May 7, 2026

By TrendSpider Editor

Walmart Stock Sees $15.6 Million Bullish Options Bet as Shares Trade Near 52-Week Highs

A single deep in-the-money call contract worth $15,559,140 in premium has surfaced in Walmart Inc. (WMT) options activity, drawing attention to the retail giant as shares trade at $129.29, down a modest 0.61% on the session. The contract targets a $90 strike expiring in December 2026, well below the current price, suggesting a high-conviction directional bet rather than speculative upside hunting. With WMT sitting near the top of its 52-week range of $91.89 to $134.69, this flow signals that at least one large player sees continued strength ahead.

Key Drivers of the WMT Stock Move

Main Catalyst: A single call contract at the $90 strike expiring December 18, 2026 printed with a volume of 3,687 contracts and an open interest ratio of 24%, generating $15,559,140 in total premium. The contract is deep in the money with WMT trading at $129.29, meaning intrinsic value dominates the pricing.
Bull Case: The sheer size of this premium commitment, over $15.5 million on a single deep ITM call, reflects strong directional conviction that WMT will remain elevated or move higher through December 2026. Deep ITM calls are often used by institutional players as stock replacement strategies, implying a long-term bullish posture on the name at current levels near $129.
Bear Case: WMT is currently sitting about 4% below its 52-week high of $134.69 while already trading dramatically above its 52-week low of $91.89. The stock's proximity to the top of its range leaves limited margin for error, and today's 0.61% decline suggests some near-term selling pressure that could test momentum heading into the back half of 2026.

The forward setup for WMT remains constructive from a structural standpoint. A deep ITM call expiring in December 2026 with this level of premium is consistent with an institution or fund establishing or rolling a long equity-equivalent position through options. The December expiration gives the trade roughly seven months of runway, spanning what would typically be Walmart's critical back-to-school and holiday selling seasons. Any updates on consumer spending trends, margin performance, or guidance revisions in the coming months will be key catalysts to watch as this position plays out.

WMT Unusual Options Activity

One unusual contract was flagged in today's session:

Type: Call | Strike: $90 | Expiry: December 18, 2026 | Volume: 3,687 contracts | Open Interest Ratio: 24%

The contract is classified as deep in the money, with the $90 strike sitting roughly $39 below the current trading price of $129.29. The 24% open interest ratio indicates this is a meaningful addition relative to existing positioning at this strike and expiration. Total premium on the contract reached $15,559,140, making it the dominant flow event for WMT today.

WMT Seasonality

Historically, Walmart tends to benefit from seasonal tailwinds heading into the summer and holiday periods, both of which fall within the December 2026 expiration window of this call contract. The timing of this trade aligns with a period when consumer spending data and back-to-school traffic could serve as meaningful catalysts for price discovery.

WMT Relative Performance

WMT's current price of $129.29 places it approximately 41% above its 52-week low of $91.89 and roughly 4% below its 52-week high of $134.69, indicating the stock has been a strong performer over the past year. Today's 0.61% decline is modest in the context of that larger range and does not appear to reflect any fundamental deterioration, keeping WMT in a position of relative strength compared to broader large-cap retail peers navigating a more uncertain consumer environment.