Options Market Snapshot: Trading Surges Across CVNA, LULU, and PMT

Carvana Co Shows Massive Call Option Interest

Carvana Co (CVNA) has attracted significant derivatives interest today, with options markets processing 50,481 contracts—equivalent to roughly 5.0 million shares underlying these positions. This activity level represents 123.1% of the company’s typical daily trading volume (averaging 4.1 million shares monthly), signaling notable investor engagement. The $500 strike call expiring December 19, 2025, dominated the trading action, accounting for 3,198 contracts or approximately 319,800 shares. Over the trailing twelve months, this strike price has periodically attracted buyer attention, as evidenced in CVNA’s historical volatility patterns.

Lululemon Athletica Attracts Put Buyers

Among Russell 3000 constituents, lululemon athletica inc (LULU) recorded exceptional options activity today with 61,773 contracts changing hands—representing approximately 6.2 million shares of equivalent exposure. The trading intensity reached 128% of LULU’s month-over-month average daily volume of 4.8 million shares, reflecting concentrated interest in downside protection strategies. The standout position was the $150 strike put option expiring February 20, 2026, which accumulated 20,061 contracts or roughly 2.0 million underlying shares. This concentration suggests institutional or sophisticated investors are hedging against potential downside moves over the coming months.

Pennymac Mortgage Investment Trust: Defensive Put Activity

Rounding out today’s notable derivatives market moves, Pennymac Mortgage Investment Trust (PMT) generated 8,027 option contracts—approximately 802,700 shares in notional value. The trading volume represented 96.1% of PMT’s recent average daily share volume of 835,580 shares, indicating solid interest despite lower absolute numbers compared to equities. The primary focus was the $10 strike put expiring April 17, 2026, which saw 7,526 contracts or about 752,600 underlying shares traded. For PMT investors monitoring income streams and credit risks, this options activity underscores ongoing market assessment of the mortgage investment landscape.

Market Context

The combined options activity across these three positions reflects varied investor strategies—call buying in growth-oriented names like Carvana, protective puts in retail-facing sectors like Lululemon, and defensive positioning in mortgage REITs like PMT. For investors seeking detailed expiration calendars and strike-specific data on LULU options, CVNA options, or PMT options, comprehensive resources are available through dedicated options tracking platforms.