Noteworthy Tuesday Option Activity: ANF, UPST, SNOW

Upstart Holdings (UPST) and Snowflake (SNOW) are seeing exceptionally high options trading volumes, notably exceeding their average daily share trading volumes. UPST's options volume reached 106.9% of its average daily share volume, with significant activity concentrated in its September 2025 $73 call options. Similarly, SNOW's options volume hit 94.1% of its average daily share volume, driven by substantial interest in its September 2025 $240 call options. This elevated, long-dated call option activity suggests considerable bullish sentiment or strategic positioning in both equities.

Analysis

Upstart Holdings (UPST) and Snowflake (SNOW) are exhibiting significant options market activity, indicating heightened investor interest. For UPST, options volume reached 84,599 contracts, equivalent to 106.9% of its average daily share volume, a substantial deviation from normal trading patterns. The activity is notably concentrated in the long-dated September 2025 $73 strike call options, which accounted for 14,614 contracts. Similarly, SNOW's options volume was 66,203 contracts, representing 94.1% of its average daily share volume. A specific focus was observed in the September 2025 $240 strike call options, with 7,325 contracts traded. The concentration of high volume in these long-term, out-of-the-money call options suggests that market participants are not merely engaging in short-term speculation but are potentially establishing strategic, bullish positions with a multi-year horizon on both technology names.

Key Decisions for Investors

• Investors should recognize the unusually high, long-dated call option volume in UPST and SNOW as a strong signal of bullish sentiment or strategic positioning from a segment of the market.
• Monitor the open interest and subsequent volume flows in the specified September 2025 call options for both UPST ($73 strike) and SNOW ($240 strike) as a forward-looking indicator of conviction and potential price catalysts.
• Given that options volumes are approaching or exceeding the average daily share volumes, traders should anticipate the potential for increased share price volatility and gamma effects in both securities.