An unusual and aggressive options trade appeared for Netflix (NFLX). The trade involved a $1,140 strike call with an expiration of September 19, 2025. This in-of-the-money (ITM) call was executed as a sweep order, indicating urgency and a potential desire to capture options across multiple exchanges. A total of 203 contracts were bought at a premium of $79.32 each. This resulted in a total premium of approximately $1.6 million.
The trade stands out due to its volume-to-open interest (V/OI) ratio of 246/543 ≈ 0.45. The ratio implies nearly half of the existing open interest traded in a single session. Additionally, the spot price of NFLX at the time of exeuction was $1,182.93. With an $1,140 strike, this deems the trade as an in-the-money (ITM) call. This combination of a large premium, a high V/OI ratio, and sweep execution suggests institutional bullish sentiment and a strong directional bet on sustained upside in NFLX through 2025.
Volume and Open Interest Data
Historical data for the NFLX $1,140 Call expiring on September 19, 2025, shows a significant spike in volume on July 25th, 2025. Daily volume reached 297 contracts, the highest in the five-day period displayed. This spike follows elevated volume on July 24th (181 contracts). Both days far surpassed the volumes from earlier in the week. In terms of open interest (OI), it increased modestly from 507 on July 24th to 543 on July 25th, a net change of +36. This indicates that some of the volume on July 25th likely represents new bullish positions being opened.
Notably, despite the large volume spike, OI has not surged equivalently, suggesting a mix of opening and closing activity. Implied volatility (IV) remained relatively stable, sitting at 27.35% on July 25th. Meanwhile, the contract’s price increased slightly to $78.61, signaling mild upward momentum. Overall, the activity suggests renewed bullish sentiment, with high volume drawing attention even though OI growth remains moderate.
What’s Happening with Netflix
Netflix delivered a strong Q2 2025 earnings beat on July 17th, reporting EPS of $7.19, exceeding analysts’ expectations of about $7.07, and generating $11.08 billion in revenue—also topping consensus by a slim margin ($11.04B) . The company raised its full‑year 2025 revenue guidance to $44.8–$45.2B, up from earlier guidance of $43.5–$44.5B, while targeting a 29.5–30% operating margin. Netflix’s stock has soared roughly 40% year-to-date, now trading at elevated valuations near 43× forward earnings, reflecting investor optimism but also heightening expectations entering earnings season.
On the content front, July’s slate has been packed with high-profile releases such as The Old Guard 2, The Sandman Season 2 (Part 2), and Happy Gilmore 2 debuting July 25—part of Netflix’s broader strategy to lead in original streaming content across genres. Additionally, Netflix is making a strategic push into video podcasting by seeking an executive to helm its video podcast division—an effort to compete with YouTube and build new ad-supported content formats amid rising ad revenues.
About Netflix
Netflix, Inc. is a global entertainment company that primarily operates as a leading subscription-based streaming service. Founded in 1997 and headquartered in Los Gatos, California, Netflix allows users to stream a vast library of TV shows, movies, documentaries, and original programming across internet-connected devices. The company pioneered the shift from physical DVD rentals to digital streaming and now serves over 260 million subscribers worldwide.
In addition to licensing third-party content, Netflix has become a powerhouse in original content production, with hit series like Stranger Things, The Crown, and Bridgerton, and films like The Irishman and Extraction. The company generates revenue through paid memberships and is also expanding into ad-supported streaming tiers, gaming, and video podcasting, further diversifying its digital media footprint.
Analyst Ratings
| Analyst Firm | Rating | Updated |
|---|---|---|
| CFRA | ★★★★★ (5 Stars) | 07/20/2025 |
| Market Edge | Long | 05/02/2025 |
| Argus | Buy | 07/21/2025 |
| Morningstar | ★ (1 Star) | 07/18/2025 |
| LSEG (Refinitiv) | Outperform | 07/24/2025 |
| Schwab Equity Ratings | A | 07/24/2025 |
The latest analyst ratings for Netflix (NFLX) as of late July 2025 reflect a mostly bullish sentiment, though with some notable divergences. CFRA issued its highest possible score—five stars—on July 20, suggesting strong long-term conviction. Similarly, Argus maintains a Buy rating, and Market Edge lists NFLX as a Long candidate based on technical strength. LSEG (Refinitiv) assigns an Outperform rating, indicating expectations of above-average returns relative to peers.
Schwab Equity Ratings supports this optimistic view with an “A” grade, its highest tier. However, Morningstar stands out with a stark contrast, issuing a rare one-star rating on July 18, which reflects significant valuation concerns or bearish outlook based on their intrinsic value methodology. Despite this lone cautionary stance, the broader analyst consensus is decidedly positive on NFLX.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
