Traders bought 32,015 put options on Lumen Technologies. That was 104% above the average daily volume. The surge may reflect increased bearish sentiment or investors hedging their positions in the telecommunications company.
Lumen shares remain under pressure and are trading near their 52-week low. The company recently beat quarterly earnings and revenue estimates, but analysts maintain a consensus “Reduce” rating on the stock. The elevated options activity suggests traders may be anticipating further share-price declines or significant volatility.