Unusual Call Option Volume Spikes for Enphase Energy and SanDisk

Market data from Wednesday reveals a significant surge in options trading for Enphase Energy (ENPH) and SanDisk Corp (SNDK), indicating a potential shift in trader sentiment toward the upside. The volume spike is particularly notable as it represents a substantial portion of the average daily trading volume for the underlying shares of both companies, suggesting concentrated institutional or speculative interest. Enphase Energy saw 45,088 contracts trade, equivalent to roughly 4.5 million shares. This represents 82.3% of the stock's average daily volume of 5.5 million shares. Traders focused heavily on the $38 strike call options expiring May 1, 2026, with 17,128 contracts traded. SanDisk Corp experienced even higher volume, with 150,907 contracts traded, representing 15.1 million shares. This accounts for 81.7% of its monthly average daily volume of 18.5 million shares. The most active contracts were the $900 strike calls expiring April 17, 2026, with 6,261 contracts. Such concentrated call activity often signals that traders are anticipating a price increase in the near term, although these positions can also be utilized as part of complex hedging strategies.