Noteworthy Thursday Option Activity: EFC, UNH, SGRY

UnitedHealth Group (UNH) and Surgery Partners (SGRY) experienced unusually high options trading volumes, exceeding their respective average daily share trading volumes. UNH saw significant activity in its September 2025 $350 strike call options, signaling potential bullish sentiment or strategic positioning, while SGRY recorded notable volume in its December 2025 $20 strike put options, indicating possible bearish expectations or hedging strategies among market participants.

Analysis

UnitedHealth Group (UNH) and Surgery Partners (SGRY) have both registered significant derivatives activity, indicating targeted strategic positioning by investors. For UNH, options volume reached 183,383 contracts, representing 124.9% of its average daily share volume. This activity was notably concentrated in the long-dated September 2025 $350 strike call options, where 8,785 contracts were traded, suggesting a potential bullish thesis or a defined upside bet over the medium term. In contrast, SGRY saw its options volume hit 112.1% of its average daily share trading, with a pronounced focus on the December 2025 $20 strike put options. The trading of 7,500 contracts in this specific put option signals a substantial bearish sentiment or a significant hedging strategy being deployed against a potential price decline in the long term.

Key Decisions for Investors

• The heavy volume in long-dated UNH $350 strike calls suggests investors should monitor this level as a point of interest for bullish positioning and sentiment.
• For SGRY, the concentrated activity in December 2025 $20 puts serves as a cautionary signal, and investors with long exposure may wish to review their downside protection strategies.