Unusual Options Volume Report: PepsiCo Stock

PepsiCo Inc (NASDAQ) stock is down 2.3% at $135.59 this morning, on track to snap a five-day winning streak. The beverage giant has been climbing off its Oct. 7 six-year low of $123.47. However, the shares are pulling back after running into resistance at the 120-day moving average, and remain down 5.4% in 2026.

Options traders are taking a bearish stance today, with more than 55,000 contracts exchanged so far, or 1.7 times the average intraday volume. PEP's net option delta volume stands at -52,567 shares, indicating bearish pressure is outweighing bullish activity. Much of this negative delta stems from sold calls.

This bearish activity marks a shift in sentiment. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PEP's 10-day call/put volume ratio of 2.84 ranks in the 82nd percentile of its annual range. Meanwhile, the stock's Schaeffer's Volatility Index (SVI) of 22% sits in the 26th percentile of its annual range, suggesting options are relatively inexpensive at the moment.

PepsiCo just renewed its beverage partnership with Taco Bell through 2036, just days after fellow fast-food chain KFC switched to Coca-Cola products in the U.S. Zacks Investment Research noted today that PEP had recently been on its list of most searched stocks.