Three notably large bullish trades in AAPL (Apple Inc.) showed up today. The trades consisting of 220 strike put options expiring on February 20, 2026 — approximately 6 months from now. All three trades are SELL-side sweeps, indicating institutions are looking to collect premium. The spot price of AAPL at the time was around $224.80.
Notably, the total volume across the trades is 20,425 contracts, while the open interest (OI) is just 1,008 contracts. This results in a monstrous V/OI ratio of over 20:1. This extreme volume-to-open-interest ratio suggests fresh positioning and aggressive new activity, rather than just churn of existing contracts.
The strike price across these trades is set at $220, slightly out-of-the-money, and each trade is of significant size, including one block of 9,900 contracts and another of 4,078 contracts. The premiums paid range from $12.28 to $12.41, totaling a combined premium exposure of approximately $18.4 million.
Overall, the combination of high volume vs. open interest, long-dated expiry, and sweep-type execution points to potentially institutional-level portfolio hedges or bullish bets on AAPL. This level of activity warrants close attention from traders and investors tracking AAPL’s long-term trajectory.
Volume and Open Interest Data
Historical data for the AAPL 220P 02/20/2026 put option shows a fresh surge in volume on August 8th. 20,755 contracts traded, while open interest (OI) stood at 1,008 contracts. This sharp volume increase, reaching above current open interest, signals fresh bullish positioning or bearish unwinding.
The closing price of the contract settled at $10.63, and implied volatility (IV) stood at 25.89%, reflecting relatively stable expectations of future volatility. The volume-to-OI ratio of over 20:1 confirms this as highly unusual activity, and traders should monitor for follow-up action or news that could justify this significant flow.
Trade Side Distribution
The trade side distribution for the AAPL 220P 02/20/2026 put option reveals that a significant portion of the trading activity occurred below the bid-ask spread. $18.4 million (76%) of the premium executed below the bid, and the remaining $5.9 million (24%) filled at the ask. No trades occurred at the bid, mid, or above the ask.
This heavy skew toward below-bid execution suggests that institutions are now bullish on Apple and are looking to collect the premium from these contracts. They even went with longer-dated contracts to capture elevated premium.
What’s Happening with AAPL
Apple shares are continuing to climb following CEO Tim Cook’s high-profile visit to the White House. During the press conference, the company announced an additional $100 billion investment in the United States, bringing Apple’s total US investment commitment to $600 billion. This significant pledge, part of a broader American Manufacturing Program, aims to expand Apple’s operations and supply chain within the US.
The move not only reassured investors—alleviating concerns over potential new tariffs—but also sent Apple stock higher and bolstered broader market sentiment. Cook’s presence alongside President Trump in the Oval Office underscored Apple’s deepening partnership with US manufacturing and demonstrated the company’s commitment to American innovation and jobs.
About Apple
Apple Inc. is a multinational technology company headquartered in Cupertino, California. It is best known for its iconic consumer electronics, software, and digital services. Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple designs and sells a range of products including the iPhone (smartphones), Mac (computers), iPad (tablets), Apple Watch, and AirPods. The company also develops its own software platforms such as iOS, macOS, watchOS, and tvOS, powering its devices with seamless integration.
Beyond hardware, Apple operates a growing ecosystem of services. Such include the App Store, Apple Music, iCloud, Apple TV+, and Apple Pay, contributing significantly to its revenue. Known for its sleek design, premium branding, and customer loyalty, Apple is one of the world’s most valuable companies and a leader in innovation, privacy, and sustainability. It is also a major player in emerging areas like augmented reality, AI, and health tech.
Analyst Ratings
| Firm | Last Updated | Rating / Grade |
|---|---|---|
| CFRA | 08/03/2025 | ★★★★☆ (4 stars) |
| Market Edge | 06/26/2025 | Long |
| Argus | 08/01/2025 | Buy |
| Morningstar | 08/01/2025 | ★★★☆☆ (3 stars) |
| LSEG | 08/06/2025 | Outperform |
| Schwab Ratings | 08/07/2025 | B |
The analyst ratings for AAPL as of early August 2025 show an overall bullish sentiment among major research firms. Several firms, including CFRA, Market Edge, Argus, and LSEG, have issued positive outlooks ranging from Buy to Outperform, while Schwab Equity Ratings gives the stock a solid “B” grade.
Morningstar is more conservative with a 3-star rating, suggesting a view of the stock being fairly valued. Only LSEG shows a past “Sell” rating, but its most recent stance is now “Outperform”, indicating a shift in confidence. These ratings, alongside recent heavy bullish options activity, paint a reinforcing picture of institutional optimism surrounding AAPL.
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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.
