{
  "id": 3800057,
  "title": "Rubrik options activity ahead of earnings: 21,436 contracts, elevated volatility, and a skew toward puts",
  "url": "https://urgent.news/2026/08/27/rubrik-options-activity-ahead-of-earnings-21-436-contracts-elevated",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T19:00:56.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/rubrik-options-activity-ahead-of-earnings-21436-contracts-elevated-volatility-and-a-skew-toward-puts-93CH-4880022"
  },
  "original_language": "en",
  "account": "Rubrik's options activity hit 21,436 contracts ahead of its earnings release, with a slight inclination towards put options. The stock surged 10.9% to $106.62, near its highest price ever. Despite nearly equal call and put volumes (10,482 and 10,954 respectively), the market structure suggested traders were positioning for a significant move, either up or down.\n\n3-month implied volatility (IV) jumped to 71.91%, reflecting expectations of a notable price movement around the earnings announcement. The 90/110 skew, tracking out-of-the-money put versus call pricing, increased 2.76 points to 3.03, indicating heightened demand for downside protection. This suggests that traders are either hedging or betting on a bearish outlook.\n\nOf the 27 analysts covering Rubrik, 17 rated it a Strong Buy with an average target price of $107.11, yet the stock traded near its range high, potentially signaling overvaluation. The majority of trading activity was in short-term put spreads, such as the $90/$100 strikes, indicating a strategy to protect against a decline in the stock price without expecting a dramatic fall.\n\nThe balanced split between calls and puts, combined with the elevated IV and skew, pointed to market uncertainty about the outcome of the earnings report. Traders anticipated a substantial move post-earnings, but the direction remained uncertain. High implied volatility and the premium on put options suggested that options were expensive, and with earnings day approaching, a sharp drop in volatility and premium prices was expected.\n\nThe rally to an all-time high set a challenging benchmark for Rubrik. If the company exceeded expectations and gave a strong guidance, a potential rally could ensue. However, any underperformance might lead to a rapid decline, possibly testing the $100 level.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}