Notable Friday Option Activity: UPST, SKYT, BKNG

SkyWater Technology (SKYT) and Booking Holdings (BKNG) recently exhibited notable options trading activity, with volumes nearing their average daily stock trading levels. SKYT saw significant interest in its October 2025 $20 call options, suggesting potential bullish sentiment, while BKNG experienced elevated trading in its November 2025 $5200 put options, indicating possible bearish positioning or hedging strategies.

Analysis

SkyWater Technology (SKYT) and Booking Holdings (BKNG) have both registered significant options market activity, with total options volume reaching 95.7% and 93.9% of their respective average daily stock trading volumes. For SKYT, the concentration of activity in the October 2025 $20 strike call options, with 1,323 contracts traded, suggests a notable bullish sentiment and speculative interest in the stock's potential to appreciate significantly over the long term. Conversely, the elevated volume in BKNG's November 2025 $5200 strike put options, with 141 contracts traded, points towards either bearish speculation on a price decline or, more likely for a high-priced stock, a strategic move by institutional investors to hedge existing long positions against potential downside risk over the next year. The long-dated nature of these active contracts in both tickers indicates that market participants are positioning for longer-term price movements rather than short-term volatility.

Key Decisions for Investors

• Investors should investigate the fundamental drivers and potential catalysts for SkyWater Technology, as the significant, long-dated call option activity signals strong bullish conviction from a segment of traders betting on a substantial price increase above the $20 strike.
• For Booking Holdings, the heavy trading in far-dated put options requires evaluating downside risks to the travel sector or the company's valuation, while also recognizing this could be a hedging strategy by large investors, not necessarily a purely bearish signal.
• Given the high ratio of options volume to daily stock volume in both names, portfolio managers should monitor these stocks for potential increases in price volatility and follow-on interest in the underlying equity.