Noteworthy Wednesday Option Activity: SKYT, PEP, HIMS

PepsiCo (PEP) and Hims & Hers Health (HIMS) both experienced notably high options trading volumes today, with PEP's options activity representing 62.3% of its average daily share volume and HIMS's reaching 54.3%. Specifically, the $145 strike call option for PEP expiring January 16, 2026, and the $60 strike call option for HIMS expiring October 10, 2025, saw substantial trading, indicating increased investor interest or speculative positioning around these specific price levels and time horizons for both companies.

Analysis

PepsiCo Inc (Symbol: PEP) saw options trading volume of 43,181 contracts, representing approximately 4.3 million underlying shares or approximately 62.3% of PEP's average daily trading volume over the past month, of 6.9 million shares. Especially high volume was seen for the $145 strike call option expiring January 16, 2026, with 2,158 contracts trading so far today, representing approximately 215,800 underlying shares of PEP. Below is a chart showing PEP's trailing twelve month trading history, with the $145 strike highlighted in orange: And Hims & Hers Health Inc (Symbol: HIMS) options are showing a volume of 158,495 contracts thus far today. That number of contracts represents approximately 15.8 million underlying shares, working out to a sizeable 54.3% of HIMS's average daily trading volume over the past month, of 29.2 million shares. Especially high volume was seen for the $60 strike call option expiring October 10, 2025, with 26,520 contracts trading so far today, representing approximately 2.7 million underlying shares of HIMS. Below is a chart showing HIMS's trailing twelve month trading history, with the $60 strike highlighted in orange: For the various different available expirations for SKYT options, PEP options, or HIMS options, visit StockOptionsChannel.com. Today's Most Active Call & Put Options of the S&P 500 » Also see: SHFS Average Annual Return FRLN Videos Top Ten Hedge Funds Holding TAXI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. PepsiCo (PEP) and Hims & Hers Health (HIMS) both experienced significantly elevated options trading volumes today, indicating unusual activity. PEP's options volume of 43,181 contracts represented approximately 62.3% of its average daily share trading volume of 6.9 million shares. Similarly, HIMS saw 158,495 contracts trade, equating to 54.3% of its 29.2 million average daily share volume. A notable concentration of activity for PEP was observed in the $145 strike call option expiring January 16, 2026, with 2,158 contracts trading. For HIMS, the $60 strike call option, with an October 10, 2025 expiration, recorded exceptionally high volume of 26,520 contracts. These specific long-dated call options suggest investor positioning for potential upside movements over an extended horizon. This increased options activity, particularly in out-of-the-money call options and longer expiries, points towards heightened speculative interest or strategic positioning rather than immediate hedging. While the overall sentiment is neutral, the significant volume relative to underlying share trading implies that these specific strikes are attracting considerable attention from market participants. This could indicate expectations of future price appreciation or a strategic use of options for leverage.

Key Decisions for Investors

• Monitor the implied volatility and open interest for the specified call options ($145 PEP, $60 HIMS) as continued high activity could signal reinforcing conviction or potential short-term price movements.
• Analyze the underlying fundamental catalysts or news flow that might be driving this long-dated bullish options positioning for both PEP and HIMS.
• Consider the risk/reward of incorporating these specific options strikes into a broader portfolio strategy if anticipating significant long-term appreciation in either stock.