Today’s option activity for Oscar Health (OSCR) showed an unusually large put sweep trade targeting the $15 strike with an expiration of October 17, 2025. The trade size was 12,869 contracts at a price of $1.62 per contract, representing a premium outlay of $2.1 million. The spot price at the time of the trade was $15.66, placing this strike slightly out-the-money.
At the time of the trade, daily volume for this contract (12,916 contracts) vastly exceeded current open interest (2,491 contracts), giving a V/OI ratio of approximately 5.18. This combination of high premium, far-out expiration, and large new volume relative to open interest makes this trade significant.
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On August 15th, the OSCR $15 put expiring October 17, 2025 saw a massive spike in activity. With 15,970 contracts traded against an existing open interest (OI) of just 2,491 contracts, the resulting V/OI ratio is about 6.41.
Despite the heavy activity, OI only increased slightly (+27 from the prior day). The contract’s price closed down from the previous trading session at $1.66. Implied volatility for the contract ticked up to 79%, reflecting elevated demand for downside protection. Overall, this is a clear case of unusually high put volume dwarfing existing OI, hinting at potentially significant conviction.
More Notable Options Trades Observed
Oscar Health (OSCR) experienced another massive put sweep. This one included the $16 strike expiring November 21, 2025. This expiry is about a month past the October contracts previously highlighted. The trade size is 11,443 contracts at a price of $3.04 per contract, resulting in a staggering $3.5 million in premium. The spot price at the time of the trade was $15.47, meaning the strike was slightly in-the-money.
The most striking detail of this trade is the V/OI ratio. Daily volume reached 11,444 contracts versus an open interest of just 19 contracts, producing an eye-popping ratio of over 602-to-1. Given the sheer size, deep OI disparity, and long-dated nature of the bet, this trade points to institutionalized positioning on OSCR heading into late 2025.
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Oscar Health has recently experienced significant changes. In August 2025, the company announced a partnership with grocery and pharmacy chain Hy-Vee to launch a new employer health insurance plan in Iowa. The partnership would utilize an Individual Coverage Health Reimbursement Arrangement (ICHRA) model.
Despite a notable 29% increase in Q2 revenue to $2.86 billion, Oscar reported a net loss of $228.4 million. During the earnings call, it cut its full-year guidance by about $500 million due to higher claims and utilization in the ACA marketplace. The partnership with Hy-Vee aims to grow Oscar’s customer base and strengthen its competitive position. However, ongoing industry challenges—such as rising medical costs and increased risk scores—have led to layoffs and a reevaluation of company strategies.
About OSCR
Oscar Health is a leading healthcare technology company that specializes in offering health insurance plans for individuals, families, and small groups across the United States. Founded in 2012 and headquartered in New York, Oscar focuses on simplifying healthcare through technology-driven solutions such as virtual care, a user-friendly mobile app, and personalized member support.
The company provides access to a broad network of doctors and hospitals, emphasizing transparent communication, member-centric care, and affordability. As of mid-2025, Oscar Health serves approximately 2 million members and is recognized for its innovative approach to making healthcare more accessible and easier to navigate.
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| Analyst Source | Rating/Grade | Updated Date |
|---|---|---|
| CFRA | No rating shown | 08/09/2025 |
| Market Edge | AVOID | 07/23/2025 |
| Argus | No data | N/A |
| Morningstar | No data | N/A |
| LSEG | Sell / Hold / Underperform | 08/14/2025 |
| Schwab Equity Ratings | F (fundamental), D grade | 08/15/2025 |
Analyst ratings for Oscar Health (OSCR) show a predominantly cautious to bearish outlook from major research firms. Market Edge currently labels the stock as AVOID, indicating a strong recommendation to stay away. LSEG has a mixed stance with both a Sell and Hold rating noted, leaning toward underperformance.
Schwab Equity Ratings assigns a D grade (below average) alongside an F for fundamental score, both of which signal weakness. No current buy ratings are present, and there is no data from Argus or Morningstar. Overall, sentiment across the board reflects skepticism about OSCR’s near-term prospects, aligning with recent heavy bearish options activity.
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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.
