Warby Parker Options Activity Signals Bullish Bets on Rally Toward $30

Options traders placed a flurry of bullish bets on Warby Parker Inc. (WRBY) on Friday, with data showing call options volume overwhelming put volume by a ratio of more than 100-to-1. A significant portion of the activity appeared to center on a strategy targeting a stock price of nearly $30 by the end of the year.

As of 10:37 AM EDT on September 4, Warby Parker shares traded at $24.14, up 3.65% for the session, according to Investing.com.

A Surge in Bullish Activity

The most striking feature of the day's trading was the extreme imbalance in options flow. According to market data from September 4:

• 18,480 call options were traded.
• Only 171 put options were traded.
• This represents an approximate ratio of 108 calls for every put, indicating a strong directional bias toward higher prices.

While high volume suggests significant interest, it does not definitively confirm whether traders were buying to open new bullish positions or closing existing ones. However, the structure of one key trade provides a clearer signal.

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The $30 Target

The most substantial trade was a 12,000-contract call spread using the December 18, 2026, expiration date. This trade involved the $25 and $30 strike prices. If traders were buying the $25 calls and simultaneously selling the $30 calls, this position signals a belief that the stock will rally past $25.

The strategy caps maximum profit near the $30 mark, suggesting this is a practical upside target for the traders involved. A move to $30 would represent a gain of approximately 24% from Friday's price. Other notable activity included 6,011 contracts traded on the December $45 calls, a more speculative bet given the strike is about 86% above the current stock price.

Market Context and Volatility

The bullish positioning was also supported by shifts in volatility metrics. While three-month implied volatility fell, signaling lower overall expectations for price swings, the market's skew rose. An increase in skew indicates that demand for upside call options has grown relative to the demand for downside puts, a constructive signal for the stock's direction.