Notable Thursday Option Activity: MS, RDDT, DK

Reddit Inc (RDDT) and Delek US Holdings Inc (DK) both experienced unusually high options trading volumes, significantly exceeding their average daily share trading. RDDT saw 8.2 million underlying shares traded via options, representing 165.5% of its average daily volume, with notable activity in the November 2025 $220 call option. Similarly, DK's options volume covered 2.1 million underlying shares, or 163.7% of its average, driven by high interest in the November 2025 $40 call option, suggesting increased speculative or directional positioning in these long-dated contracts.

Analysis

Reddit Inc (RDDT) and Delek US Holdings Inc (DK) both experienced exceptionally high options trading volumes, significantly surpassing their average daily share trading activity. RDDT's options volume represented approximately 8.2 million underlying shares, equating to 165.5% of its average daily share volume over the past month. Similarly, DK's options volume covered about 2.1 million underlying shares, or 163.7% of its average daily share volume.

A notable concentration of this activity was observed in long-dated call options for both companies. For RDDT, 4,773 contracts of the November 21, 2025, $220 strike call option traded, representing 477,300 underlying shares. DK saw even higher interest in its November 21, 2025, $40 strike call option, with 10,990 contracts trading, covering approximately 1.1 million underlying shares.

This elevated activity in out-of-the-money, long-dated call options suggests a potential increase in speculative or directional positioning by market participants. While the overall sentiment remains neutral, these technical flows indicate a notable shift in derivative market interest for these specific equities, warranting closer examination of their underlying fundamentals and potential catalysts. The low market impact score suggests this is a stock-specific options phenomenon rather than a broader market trend.

Key Decisions for Investors

• Investors should monitor the open interest and implied volatility of these specific long-dated call options for RDDT and DK to gauge sustained directional conviction.
• Evaluate the fundamental catalysts or news flow that might be driving this increased speculative interest in these equities, particularly given the long expiry dates.
• Consider the potential for short-term price volatility in RDDT and DK shares if these options positions are indicative of significant institutional or speculative buying pressure.