Noteworthy Monday Option Activity: COGT, PGY, HROW

Pagaya Technologies (PGY) and Harrow Inc (HROW) recently exhibited elevated options trading volumes, with PGY's options activity representing 57.6% of its average daily share volume and HROW's at 54%. Notably, PGY saw substantial interest in its November 2025 $30 call options, while HROW experienced high volume in its November 2025 $30 put options, indicating heightened speculative or hedging activity around these specific price points and expirations.

Analysis

Pagaya Technologies (PGY) experienced significant options trading volume, totaling 23,599 contracts, which equates to approximately 57.6% of its average daily share volume over the past month. Notably, the November 21, 2025, $30 strike call option saw exceptionally high interest, with 2,296 contracts traded, indicating a potential bullish conviction or hedging strategy targeting this specific price point.

Similarly, Harrow Inc. (HROW) recorded substantial options activity, with 3,122 contracts representing 54% of its average daily share volume. A key observation was the elevated volume in the November 21, 2025, $30 strike put option, where 1,262 contracts traded, suggesting either bearish speculation or downside protection at that level.

This concentrated activity in long-dated, out-of-the-money options for both PGY and HROW, despite a neutral overall sentiment score, points to specific investor positioning rather than broad market sentiment. The high options-to-share volume ratio for both tickers highlights a notable shift in investor interest towards derivatives for directional exposure or risk management. This activity could signal anticipated future price movements or significant hedging by institutional players.

The general market impact score of 0.15 suggests this options activity is company-specific rather than indicative of broader market trends, reinforcing the need for granular analysis of these individual names.

Key Decisions for Investors

• Investors should monitor PGY and HROW for potential price movements around the $30 level as the November 2025 expiration approaches, given the concentrated options activity.
• Evaluate the underlying fundamentals of both companies to ascertain if the options market's implied directional biases (bullish for PGY calls, bearish for HROW puts) are supported by recent company news or industry trends.