Noteworthy Friday Option Activity: DDOG, OWL, FIGS

Blue Owl Capital (OWL) and FIGS Inc (FIGS) are experiencing notably high options trading volumes today, with OWL's options representing 43.8% of its average daily share volume and FIGS's at 43%. Significant activity is concentrated in specific call options, particularly OWL's $18 strike expiring November 21, 2025, and FIGS's $7.50 strike expiring October 17, 2025, suggesting increased investor interest or directional positioning in these names.

Analysis

Blue Owl Capital (OWL) and FIGS Inc (FIGS) are exhibiting notably high options trading volumes today, with OWL's options representing 43.8% of its average daily share volume and FIGS's at 43%. This significant options activity, particularly relative to their respective average daily share volumes, indicates heightened investor interest or potential directional positioning in these names.

The increased volume is concentrated in specific long-dated call options. For OWL, 18,826 contracts of the $18 strike call expiring November 21, 2025, have traded, representing 1.9 million underlying shares. Similarly, FIGS saw 4,203 contracts of the $7.50 strike call expiring October 17, 2025, trade, accounting for 420,300 underlying shares.

This concentrated activity in out-of-the-money or near-the-money calls with extended expirations suggests a bullish bias among a segment of options traders, potentially anticipating future price appreciation for both OWL and FIGS. While the overall sentiment is neutral, the observed options flow falls under themes of Derivatives & Volatility and Investor Sentiment & Positioning, warranting closer examination.

Key Decisions for Investors

• Investors should monitor the underlying share price movements of OWL and FIGS for confirmation of the bullish sentiment implied by the options activity.
• Evaluate the fundamental catalysts that could support a move towards the $18 strike for OWL and the $7.50 strike for FIGS by their respective 2025 expirations.
• Consider the open interest and subsequent trading activity in these specific call options as a potential indicator of sustained directional conviction.