GoPro, Inc. closed at $1.70, rising 22.30% after opening at $1.48 and trading between $1.41 and $2.05 on volume of 284 million shares.

Displayed large options trades totaled $498 thousand in net premium outlay. The largest complex trade was a $387 thousand net-debit bull put spread tied to September 18, 2026 expiration, while an outright purchase of the $2.00 call added $111 thousand. Both trades concentrate on the 2026 horizon, reflecting positioning for stabilization rather than short-term scalping.

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Options Indicators

GPRO’s implied volatility is extremely high at 179.87%, and with an IV percentile of 72.62%, current option volatility sits in the elevated zone, indicating that options are priced expensively relative to the stock’s own recent history. At the same time, the IV/HV ratio of 0.76 suggests implied volatility is actually below realized volatility, so although premiums are rich on a historical percentile basis, they are not especially overstretched versus the stock’s actual recent movement.

The Call/Put volume ratio is 1.00, reflecting balanced headline flow despite the bullish skew in oversized trades.

Large Trades

A bullish put spread with a net debit of $387 thousand was the largest displayed complex trade, tied to the September 18, 2026 expiration and built around the $1.50 put line. Both legs were out of the money versus the $1.70 reference stock price, with 23,928 contracts bought and 6,084 contracts sold. Despite being labeled a bull put spread, the structure as provided reflects a net debit position, which points less to premium collection and more to a defined-risk bullish stance or downside hedge adjustment centered on the $1.50 strike into 2026. The use of the same strike on both legs suggests positioning around that floor level, with the trader accepting upfront cost to shape bullish exposure while limiting risk.

A call purchase worth $111 thousand was the other displayed large trade, consisting of 3,710 contracts of the September 18, 2026 $2.00 call bought outright. With the stock at $1.70, the call was out of the money at execution, making this a clean upside directional bet on GPRO over a long-dated horizon. The buyer paid premium for convex exposure above $2.00, signaling expectations for a meaningful rebound rather than a defensive income strategy. Overall, the bulk-order flow leans moderately bullish: upside call buying and supportive put-spread activity outweigh the bearish put demand seen elsewhere, suggesting that larger traders are positioning for stabilization and potential appreciation, even as some downside protection remains in the background.

Strategy Reference

For a low assignment probability on the sell side, a shorter-dated out-of-the-money put such as a 30- to 60-day $1.00 strike would keep sellers well below the $1.50 floor level highlighted by the large trade; alternatively, a $1.50/$2.00 call spread for September 2026 offers defined-risk upside without the full margin of a naked call.