Cerebras Systems closed at $215.69, down 1.96%.
Despite the modest pullback, options traders delivered a strikingly bullish message via block prints. The session was dominated by a $9.59 million call purchase at the $260.00 strike and a $1.58 million put sale at the $125.00 strike, both expiring in late 2026. Total bullish large-trade flow reached $11.16 million with zero bearish flow, producing a net bullish imbalance of $11.16 million and underscoring decisive conviction in upside over downside containment.
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Options Indicators
CBRS has an implied volatility of 95.84%, but its IV percentile is only 3.08%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical range. Combined with an IV/HV ratio of 0.67, this suggests implied volatility is running below realized volatility, and overall the options market appears cheaply priced with volatility on the low side relative to the stock’s recent behavior.
The Call/Put volume ratio is 2.60.
Large Trades
A CALL buy worth $9.59 million was the largest trade of the day, with 9,798 contracts bought on the September 18, 2026 $260.00 strike. With CBRS referenced at $215.69, this call was out-of-the-money, making it a clear bullish directional bet that requires meaningful upside over time to gain intrinsic value. The size and tenor suggest the buyer was positioning for a substantial rally rather than making a near-term hedge, signaling conviction in a longer-dated upside scenario.
A PUT sale worth $1.58 million was the other notable block, with 9,500 contracts sold on the October 16, 2026 $125.00 strike. Given the current stock reference, this put was also out-of-the-money, and the sale reflects a bullish stance typically associated with premium collection or willingness to accumulate shares at a much lower effective level. The strike sits far below the market, which points to a trader expressing confidence that the stock is unlikely to fall to that level by expiration while monetizing downside risk.
Overall, large-trade sentiment was decisively bullish, with total bullish flow of $11.16 million against $0.00 million bearish flow, for a net bullish imbalance of $11.16 million. The tone of the flow was constructive in two different ways: aggressive upside participation through the large out-of-the-money call purchase, and confidence in downside containment through the out-of-the-money put sale. Taken together, the bulk orders indicate investors were positioning for upside while showing comfort underwriting lower-strike downside risk, leaving the overall directional conclusion clearly bullish.
Strategy Reference
For traders who prefer defined risk over posting large margin, a bull call spread such as buying the September 2026 $260.00 call and selling a higher strike like $300.00 could capture upside while reducing cost and Vega exposure; alternatively, selling the October 2026 $125.00 put mirrors the large-trade confidence but should be sized with awareness that the strike is far below the market and assignment probability is low but not zero.
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