DoorDash Options Skew Bullish Despite Over 6% Stock Plunge

DoorDash Inc. (NYSE: DASH) shares fell sharply on Monday, dropping 6.45% to trade at $180.89 in afternoon activity. The sell-off contrasts with significant bullish sentiment in the options market, where traders are placing large bets on a substantial rebound in the company's stock by year-end.

Bullish Bets Dominate Trading

Options data reveals a notable divergence from the stock's downward trend. Traders exchanged 14,139 call options compared to just 4,465 put options, resulting in a call/put ratio of approximately 3.2 to 1, according to Investing.com data. This indicates a strong conviction that the stock price will rise.

The most active contracts were concentrated on long-dated, out-of-the-money calls expiring in November:

• $250 Strike Calls (Nov 20, 2026): Over 5,000 contracts traded.
• $240 Strike Calls (Nov 20, 2026): Over 5,000 contracts traded.

These strike prices sit roughly 33% to 38% above the current share price, signaling aggressive directional bets on a significant rally rather than simple hedging activity. The high volume, which is close to the existing open interest for these contracts, suggests that many of these are new positions being established.

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Volatility and Hedging Signals

While call volume is dominant, other market indicators point to underlying uncertainty. The stock's 3-month implied volatility rose by 2.87 percentage points to 50.13%, reflecting market expectations for larger price swings in the coming months. A 50% implied volatility suggests the market is pricing in a potential move of over $50 in either direction over the next three months.

Furthermore, the rising options skew, which measures the relative cost of bearish puts versus bullish calls, indicates that demand for downside protection is also increasing. This suggests a dual narrative where some investors are buying the dip while others are simultaneously hedging against a steeper decline. The trading of 700 contracts for the December $200 puts underscores this protective positioning.

Context for Investors

The heavy options activity comes as DoorDash shares have fallen more than 23% over the past month, wiping out approximately $19 billion in market capitalization since late August, based on Investing.com figures. The current divergence between the stock's price action and the bullish options flow presents a key question for the market: whether the recent sell-off is a temporary dislocation creating a buying opportunity or a signal of more fundamental challenges ahead.