Walmart Sees Unusual Options Activity as ITM Call Dominates a $1.66M Flow
By TrendSpider Editor
Walmart Inc. (WMT) attracted notable options market attention on Tuesday, with three unusual contracts generating a combined premium of $1,662,441 as the stock slipped 0.81% to $118.855. The largest single contract was an in-the-money call at the $110 strike expiring January 2027, pulling in $903,50
Walmart Sees Unusual Options Activity as ITM Call Dominates a $1.66M Flow
Walmart Inc. (WMT) attracted notable options market attention on Tuesday, with three unusual contracts generating a combined premium of $1,662,441 as the stock slipped 0.81% to $118.855. The largest single contract was an in-the-money call at the $110 strike expiring January 2027, pulling in $903,500 in premium alone and signaling that at least one large player is making a substantial directional bet to the upside. With WMT trading in the middle of its 52-week range of $93.44 to $135.155, the options flow adds an interesting layer of conviction to an otherwise quiet session.
Key Drivers of the WMT Stock Move
- Main Catalyst: Three unusual options contracts crossed the tape today totaling $1,662,441 in combined premium, with two calls and one put. The dominant trade was an ITM call at the $110 strike expiring January 15, 2027, with 500 contracts and $903,500 in premium. A second call at the $125 strike expiring August 21, 2026 saw 1,534 contracts and $707,941 in premium. A single put at the $115 strike expiring June 18, 2026 rounded out the flow with 1,000 contracts and $51,000 in premium.
- Bull Case: The calls account for the overwhelming majority of total premium at $1,611,441 combined versus just $51,000 for the lone put. The January 2027 ITM call carries only 10% open interest penetration on a size of 500 contracts, suggesting this is fresh positioning rather than a close-out, and the buyer is already in the money relative to the current price of $118.855.
- Bear Case: WMT is trading nearly 12% below its 52-week high of $135.155, and the $125 strike call expiring August 21, 2026 is currently out of the money, requiring a meaningful rally of roughly 5% in just over 10 weeks to become profitable. The put at the $115 strike expiring June 18, 2026 has a very short runway, expiring in just nine days, indicating some hedging or short-term downside concern is present in the flow.
The broader setup for Walmart heading into summer 2026 reflects the stock's positioning as a defensive consumer staples giant that has held up relatively well, sitting above the midpoint of its 52-week range. The near-term June put expiry suggests at least one participant is protecting against a short-term dip below $115 before next week, while the longer-dated January call positions suggest institutional confidence in WMT sustaining or extending gains over the next several months. The split in expiration dates across the three contracts, ranging from nine days out to over seven months, reflects a layered rather than single-thesis options strategy, making it difficult to read this as a pure directional bet without accounting for potential hedging dynamics.
WMT Unusual Options Activity
- Contract 1: Call | Strike: $125 | Expiry: August 21, 2026 | Volume: 1,534 | Open Interest: 26% | OTM | Premium: $707,941
- Contract 2: Put | Strike: $115 | Expiry: June 18, 2026 | Volume: 1,000 | Open Interest: 8% | OTM | Premium: $51,000
- Contract 3: Call | Strike: $110 | Expiry: January 15, 2027 | Volume: 500 | Open Interest: 10% | ITM | Premium: $903,500
Total unusual contracts flagged: 3. Total combined premium: $1,662,441. Call premium dominated the flow at $1,611,441 versus $51,000 in put premium, reflecting a decidedly bullish skew in today's unusual activity.
WMT Seasonality
June historically marks the beginning of Walmart's back-to-school spending cycle buildup, a period that tends to support traffic and revenue momentum heading into the fiscally critical third quarter. Options flow targeting August and January expirations aligns with key seasonal inflection points for the retailer.
WMT Relative Performance
WMT slipped 0.81% on Tuesday, a modest underperformance on a session-by-session basis, though the stock remains well above its 52-week low of $93.44 set earlier in the trailing year. At $118.855, WMT sits roughly 12% below its 52-week high of $135.155, leaving meaningful room to the upside if the bullish options thesis plays out over the August and January timeframes targeted in today's flow.