Noteworthy Wednesday Option Activity: AVAV, HE, DUOL

Hawaiian Electric Industries (HE) and Duolingo (DUOL) options are exhibiting unusually high trading volumes today, representing 66.7% and 65.7% of their respective average daily share trading volumes. Notably, HE saw significant activity in its November 2025 $10 strike put options, with over 10,000 contracts traded, suggesting substantial bearish positioning or hedging against a significant downside event. Concurrently, DUOL's October 2025 $330 strike call options also experienced elevated interest, indicating some bullish speculation at a high strike price.

Analysis

Unusual options market activity has been observed in both Hawaiian Electric Industries (HE) and Duolingo (DUOL), with total options volumes representing a significant portion of their respective average daily share volumes at 66.7% and 65.7%. For Hawaiian Electric, the activity is highly concentrated, with 10,043 contracts, or approximately 87% of the day's options volume, trading in a single contract: the $10 strike put option expiring in November 2025. This substantial volume in a long-dated put option signals significant bearish sentiment and suggests that market participants are either hedging against or speculating on a major decline in the stock's value below $10 over the next year. In contrast, Duolingo's elevated options volume of 13,149 contracts showed notable interest in the $330 strike call option expiring in October 2025, with 892 contracts traded. This activity, while less concentrated than in HE, points toward bullish speculation on significant long-term upside for DUOL's share price.

Key Decisions for Investors

• Investors in Hawaiian Electric (HE) should treat the highly concentrated volume in long-dated $10 puts as a significant bearish signal, warranting a thorough review of potential downside catalysts and a re-evaluation of risk exposure.
• For Duolingo (DUOL), the notable volume in far out-of-the-money calls suggests bullish speculation, and traders may consider this a signal of positive long-term sentiment, though the speculative nature requires monitoring for sustained interest.
• Given the long-term expiration dates on the most active options for both HE and DUOL, investors should recognize that these signals reflect market positioning for events over the next year, not necessarily immediate price action, and could foreshadow increased future volatility.