Notable Friday Option Activity: BRZE, TOST, EBAY

Toast Inc. (TOST) and eBay Inc. (EBAY) experienced notably high options trading volumes, representing approximately 46.7% and 45.5% of their respective average daily share volumes. Specifically, TOST saw significant activity in its September 2025 $41.50 strike call options with 16,829 contracts traded, while EBAY registered elevated volume in its September 2025 $85 strike put options, with 6,189 contracts, indicating distinct directional interest or hedging strategies in both names.

Analysis

Toast Inc. (TOST) and eBay Inc. (EBAY) both registered significant options market activity, with total contract volumes equating to 46.7% and 45.5% of their respective average daily share volumes. The activity in TOST was heavily concentrated in a single long-dated contract: the September 2025 $41.50 strike call, which saw 16,829 contracts traded. This specific concentration suggests a significant bullish bet on the company's long-term performance, implying a belief that the stock will appreciate substantially over the next year. Conversely, EBAY's notable volume was in the September 2025 $85 strike put option, with 6,189 contracts traded. This activity points towards either a substantial bearish position or a large-scale hedging strategy against a long stock position, signaling concern about downside risk over the same period. The long-term expiration dates for both of these highly active contracts indicate that these are strategic positions based on a secular thesis, rather than short-term speculative plays on imminent news.

Key Decisions for Investors

• The substantial, long-dated call buying in Toast (TOST) at the $41.50 strike represents a bullish signal, prompting investors to analyze the fundamental catalysts that could support a significant share price increase over the next year.