Notable Wednesday Option Activity: ADBE, IHRT, NET

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Adobe Inc (Symbol: ADBE), where a total volume of 24,481 contracts has been traded thus far today, a contract volume which is representative of approximately 2.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 58.2% of ADBE's average daily trading volume over the past month, of 4.2 million shares. Particularly high volume was seen for the $585 strike put option expiring January 21, 2022, with 1,100 contracts trading so far today, representing approximately 110,000 underlying shares of ADBE. Below is a chart showing ADBE's trailing twelve month trading history, with the $585 strike highlighted in orange:

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iHeartMedia Inc (Symbol: IHRT) saw options trading volume of 2,801 contracts, representing approximately 280,100 underlying shares or approximately 55.2% of IHRT's average daily trading volume over the past month, of 507,305 shares. Particularly high volume was seen for the $22.50 strike call option expiring January 21, 2022, with 2,082 contracts trading so far today, representing approximately 208,200 underlying shares of IHRT. Below is a chart showing IHRT's trailing twelve month trading history, with the $22.50 strike highlighted in orange:

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And CloudFlare Inc (Symbol: NET) options are showing a volume of 25,155 contracts thus far today. That number of contracts represents approximately 2.5 million underlying shares, working out to a sizeable 54.3% of NET's average daily trading volume over the past month, of 4.6 million shares. Particularly high volume was seen for the $134 strike call option expiring January 28, 2022, with 2,537 contracts trading so far today, representing approximately 253,700 underlying shares of NET. Below is a chart showing NET's trailing twelve month trading history, with the $134 strike highlighted in orange:

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