Noteworthy Wednesday Option Activity: SLNO, FWRD, CELH

Forward Air Corp (FWRD) and Celsius Holdings Inc (CELH) are experiencing significantly elevated options trading volume today, with FWRD's 3,114 contracts and CELH's 22,905 contracts each representing approximately 42% of their respective average daily share trading volumes. Notably, specific long-dated call options, such as FWRD's December 2025 $30 strike and CELH's October 2025 $62 strike, are seeing particularly high activity. This increased options interest suggests heightened speculative or directional investor focus on these equities.

Analysis

Forward Air Corp (Symbol: FWRD) options are showing a volume of 3,114 contracts thus far today. That number of contracts represents approximately 311,400 underlying shares, working out to a sizeable 42.1% of FWRD's average daily trading volume over the past month, of 739,695 shares. Especially high volume was seen for the $30 strike call option expiring December 19, 2025, with 1,309 contracts trading so far today, representing approximately 130,900 underlying shares of FWRD. Below is a chart showing FWRD's trailing twelve month trading history, with the $30 strike highlighted in orange: And Celsius Holdings Inc (Symbol: CELH) options are showing a volume of 22,905 contracts thus far today. That number of contracts represents approximately 2.3 million underlying shares, working out to a sizeable 42% of CELH's average daily trading volume over the past month, of 5.5 million shares. Especially high volume was seen for the $62 strike call option expiring October 17, 2025, with 1,225 contracts trading so far today, representing approximately 122,500 underlying shares of CELH. Below is a chart showing CELH's trailing twelve month trading history, with the $62 strike highlighted in orange: For the various different available expirations for SLNO options, FWRD options, or CELH options, visit StockOptionsChannel.com. Today's Most Active Call & Put Options of the S&P 500 » Also see: Marsh and McLennan Companies YTD Return GRTS Options Chain Top Ten Hedge Funds Holding PSI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Forward Air Corp (FWRD) and Celsius Holdings Inc (CELH) are experiencing notable increases in options trading volume, signaling heightened investor interest. FWRD has recorded 3,114 contracts, equivalent to 42.1% of its average daily share volume over the past month, while CELH has seen 22,905 contracts, representing 42% of its average daily share volume. This significant options flow indicates active positioning in both equities. This elevated activity is highly concentrated in long-dated call options, specifically the December 2025 $30 strike for FWRD and the October 2025 $62 strike for CELH, which saw 1,309 and 1,225 contracts, respectively. Such focused call option volume typically suggests a directional bullish bias or strategic positioning anticipating future price appreciation for the underlying shares. Despite the significant options flow, the overall sentiment concerning both tickers remains neutral, indicating this activity is primarily a technical observation of market positioning rather than a direct response to specific fundamental news or catalysts. This implies the increased options interest itself serves as a key signal for investors, highlighting potential areas of speculative or strategic focus.

Key Decisions for Investors

• Monitor FWRD and CELH for potential price movements, particularly if the underlying stock prices approach the identified call option strike prices ($30 for FWRD, $62 for CELH), as this could trigger further options-related activity.
• Evaluate the open interest and implied volatility of the specified long-dated call options to gauge the sustained strength of bullish sentiment and any potential impact on the underlying stock's price dynamics.