Noteworthy Thursday Option Activity: GTES, WDAY, TREE

Workday (WDAY) and LendingTree (TREE) are exhibiting notable options trading activity, with WDAY seeing 10,227 contracts, representing 46.2% of its average daily stock volume, and TREE recording 1,053 contracts, or 45.1% of its average daily volume. Specifically, WDAY's activity included significant volume in the $195 September 2025 put, while TREE's concentrated in the $40 August 2025 call, suggesting potential directional positioning or hedging strategies by market participants.

Analysis

Workday (WDAY) and LendingTree (TREE) are exhibiting unusually high options market activity, indicating significant and specific investor positioning. For Workday, options volume reached 10,227 contracts, representing 46.2% of its average daily share volume. This activity was heavily concentrated in the September 19, 2025 $195 strike put options, which saw 1,588 contracts traded. This long-dated put buying could represent a substantial hedging strategy against a long-term price decline or a speculative bearish bet that WDAY will trade below $195. In contrast, LendingTree's options volume totaled 1,053 contracts, or 45.1% of its average daily share volume. The focus here was distinctly bullish, with 907 contracts—the vast majority of the day's activity—traded on the August 15, 2025 $40 strike call. This concentration of long-term call buying suggests strong investor conviction in a substantial price appreciation for TREE. The notable volume in both cases, relative to their typical stock liquidity, points to strategic, non-random trading activity that warrants close monitoring.

Key Decisions for Investors

• Investors should monitor the $195 price level for Workday, as the significant, long-dated put volume suggests this is a key level for hedging or bearish speculation.
• The concentrated bullish activity in LendingTree's August 2025 $40 calls warrants a review of the company's long-term catalysts, as market participants are positioning for significant upside potential.
• Given that this analysis is based purely on options flow, these signals should be used as supplementary data points to confirm or challenge existing investment theses, not as the primary drivers for new investment decisions.