Noteworthy Wednesday Option Activity: COHR, CHWY, DUOL

Chewy Inc (CHWY) and Duolingo Inc (DUOL) are experiencing unusually high options trading activity today, with volumes for both exceeding 100% of their respective average daily share trading volumes. CHWY's activity is notably concentrated in the August 2025 $38.50 call option, indicating significant bullish interest, while DUOL's elevated volume is centered on the September 2025 $290 put option, suggesting considerable bearish positioning.

Analysis

Chewy Inc. (CHWY) and Duolingo Inc. (DUOL) are both exhibiting highly unusual options market activity, with total options volume today equating to 113.7% and 106.6% of their respective average daily share trading volumes. This indicates a significant increase in derivative-based positioning. The nature of this activity is divergent between the two companies. For Chewy, the volume is heavily concentrated in the August 2025 $38.50 call options, suggesting a strong, long-term bullish sentiment from a segment of traders betting on a substantial price appreciation. Conversely, Duolingo's activity is centered on the September 2025 $290 put options, signaling a notable bearish or hedging position against a significant potential decline in the stock's value over the coming year. The substantial volume in these specific, long-dated contracts points to conviction-driven trades rather than routine hedging.

Key Decisions for Investors

• Given the significant volume in long-dated CHWY call options, bullish investors may view this as a reinforcing signal to assess or add to long positions, anticipating potential upside catalysts.
• The heavy concentration in DUOL put options serves as a major cautionary flag; investors should review their positions for downside risk and consider implementing hedging strategies.