Fastly Options Volume Skews Heavily Bullish Ahead of Investor Day

Options traders are making a significant bullish bet on Fastly Inc. (NYSE: FSLY), with call volume overwhelming put volume by a ratio of more than 7-to-1 as the company approaches a key investor event.

Bullish Options Activity

Market data shows that of the 21,203 total options contracts traded for Fastly, 18,660 were call options—which bet on a rise in the stock price—compared to just 2,543 put options. This heavy imbalance points toward directional speculation from traders rather than typical portfolio hedging strategies.

The activity follows a presentation by Fastly's management at the Citi 2026 Global TMT Conference, which coincided with a more than 4% intraday gain for the stock. The primary catalyst on the horizon, however, is the company's scheduled Investor Day on September 22.

A Closer Look at the Trades

A notable portion of the trading volume is concentrated in very short-dated, out-of-the-money call options, suggesting bets on a sharp, near-term price increase. Analysis of the options chain reveals a pattern of new positions being opened.

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• Sept 11 $23.50 Calls: Volume reached 2,841 contracts against a prior open interest of just 68.
• Sept 11 $25.50 Calls: Saw 1,410 contracts change hands, compared to previous open interest of only 24.

The low open interest figures indicate that the vast majority of this volume represents new money entering the trade, making a high-conviction bet on a continued rally before the options expire in a matter of days.

Market Context

The bullish sentiment is further reflected in the options pricing. According to the source material, a positive volatility skew has emerged, meaning traders are paying a premium for upside calls relative to downside puts. This is an uncommon market dynamic that underscores the strong demand for bullish exposure.

This speculative interest builds on recent momentum for the company, which reported record quarterly results on August 5. While some analyst price targets from firms like Evercore ISI and Raymond James suggest further upside, investors are also weighing recent stock sales by executives under pre-arranged 10b5-1 trading plans.