Unusual Options Activity Detected in Reddit and Oscar Health

Market data reveals a surge in options trading volume for Reddit Inc. (RDDT) and Oscar Health Inc. (OSCR), signaling increased speculative interest or hedging activity. The volume spikes are particularly notable relative to the stocks' typical daily trading patterns. For Reddit, options trading reached 27,356 contracts, which equates to approximately 2.7 million underlying shares. This activity represents roughly 71.8% of the company's average daily trading volume over the last month. Traders showed a specific interest in the $160 strike call options expiring on May 1, 2026, with 850 contracts traded, suggesting a bullish outlook for the short term. Simultaneously, Oscar Health experienced a volume of 40,093 contracts, representing approximately 4.0 million underlying shares. This volume accounts for 65.3% of OSCR's average daily trading volume over the past month. In contrast to Reddit's bullish flow, Oscar Health saw heavy activity in $16.50 strike put options expiring May 1, 2026, with 4,030 contracts traded, indicating bearish sentiment. While these flows highlight strong conviction among certain market participants, the impact is currently limited to these specific tickers. The concentration of expirations on May 1 suggests that traders may be anticipating a specific catalyst or volatility event by the start of the month.