Notable Thursday Option Activity: SIRI, UPST, HTZ

Upstart Holdings (UPST) and Hertz Global Holdings (HTZ) experienced exceptionally high options trading volume today, with UPST's options volume representing approximately 99% of its average daily share trading and HTZ's at 95.9%. Notably, long-dated call options were particularly active, with significant interest in UPST's $70 strike expiring September 2025 and HTZ's $7 strike expiring November 2025. This elevated activity in specific deep out-of-the-money calls suggests concentrated bullish positioning or strategic hedging around these price targets for the respective expirations.

Analysis

Upstart Holdings (UPST) and Hertz Global Holdings (HTZ) have both registered exceptional options market activity, with volumes equivalent to 99% and 95.9% of their respective average daily share volumes. The activity is not diffuse but highly concentrated in specific, long-dated call options. For UPST, significant volume was observed in the $70 strike call expiring in September 2025, with 4,797 contracts traded. Similarly, HTZ saw a concentration of 18,559 contracts in its $7 strike call expiring in November 2025. This targeted buying of out-of-the-money, long-dated calls indicates a strategic accumulation of bullish positions, suggesting that certain market participants are positioning for substantial price appreciation in both stocks over the next 15-18 months. Such flow is a notable signal of investor sentiment and positioning, pointing to a belief in a future catalyst or a significant turnaround story for these companies.

Key Decisions for Investors

• Given the significant, long-dated call buying, investors should monitor UPST and HTZ for potential future catalysts that could justify these bullish bets, as the positioning implies an event-driven thesis.
• This unusual options flow can be a precursor to increased implied volatility, so traders may consider analyzing volatility term structures for potential mispricing or to structure their own derivative strategies.
• Before mirroring this bullish stance, it is prudent to cross-reference this options flow with short interest data, as large call positions can occasionally be used to hedge substantial short equity stakes.