Notable Friday Option Activity: ONON, HIMS, ANF

Hims & Hers Health (HIMS) and Abercrombie & Fitch (ANF) both experienced significant options trading volume today, with each seeing options activity equivalent to roughly half their average daily share trading volume. HIMS notably saw high volume in its October 2025 $50 strike call, suggesting bullish conviction or speculative interest at that level. Conversely, ANF's activity was concentrated in its August 2025 $90 strike put, indicating notable bearish positioning or hedging interest.

Analysis

Significant and divergent sentiment is being signaled in the options markets for Hims & Hers Health (HIMS) and Abercrombie & Fitch (ANF). For HIMS, options volume reached 172,420 contracts, equivalent to a substantial 50.4% of its average daily share volume. The notable concentration of this activity in the October 2025 $50 strike call options, with 16,887 contracts traded, indicates a strong, long-term bullish speculation, suggesting that a segment of the market is positioning for considerable upside over the next 16 months. Conversely, Abercrombie & Fitch saw options volume equivalent to 50% of its average daily share turnover, with a specific focus on the August 2025 $90 strike put options. The high volume of 1,950 contracts in this particular put suggests a significant bearish bet or a substantial hedging operation against a potential price decline below $90. The contrasting long-dated, directional bets on these two consumer-facing companies highlight a clear divergence in institutional or speculative outlook.

Key Decisions for Investors

• For Hims & Hers Health (HIMS), the heavy volume in long-dated $50 call options suggests strong bullish sentiment and could be viewed as a signal to investigate the fundamental catalysts that might support such a significant price appreciation.
• Investors in Abercrombie & Fitch (ANF) should treat the concentrated activity in the August 2025 $90 puts as a noteworthy risk indicator, prompting a review of potential headwinds or a consideration of hedging strategies for existing long positions.