Seagate closed at $848.99, down 10.21%, after opening at $822.56 and moving between $791.75 and $852.29 during the session.

A dominant $14.30 million bear call spread and a smaller $1.55 million short put defined the large-trade flow. The bearish credit spread, built with both call strikes above the stock price, overshadowed the modest out-of-the-money put sale, leaving overall institutional positioning tilted toward capping upside rather than chasing a rebound.

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Options Indicators

Seagate’s implied volatility is 70.14%, and with an IV percentile of 29.08%, current option pricing sits on the lower side of its own historical range, indicating volatility is relatively subdued and options appear cheaply priced rather than elevated. At the same time, the IV/HV ratio of 1.33 shows implied volatility is still running above realized volatility, suggesting the market is pricing in more forward-looking movement than what has recently been observed. The Call/Put volume ratio is 1.42.

Large Trades

A bear call spread collecting a net credit of $14.30 million was the dominant large trade, built by selling 5,000 Nov. 20, 2026 $950.00 calls and buying 5,000 Nov. 20, 2026 $1,150.00 calls. With both strikes above the current stock price of $848.99, both legs were out of the money, and the structure clearly expresses a bearish-to-neutral view that Seagate is unlikely to rally beyond the short call strike in a meaningful way before expiration. As a credit spread, the trade reflects premium collection with defined upside risk, signaling that the trader is willing to cap losses above $1,150.00 in exchange for collecting premium upfront while positioning against a major upside breakout.

A single-leg short put worth $1.55 million was the other highlighted block, involving the sale of 2,190 Nov. 20, 2026 $580.00 puts. That strike sits well below the current share price, leaving the option out of the money, and the trade carries a moderately bullish or at least supportive stance on the stock by betting Seagate will remain above $580.00 through expiration. Overall, the large-trade flow leans clearly bearish because the biggest and most influential position was a sizable bearish call credit spread, while the only notable bullish flow was a much smaller out-of-the-money short put. The pattern suggests institutions are comfortable harvesting premium on the downside-to-sideways case but are more focused on limiting or fading upside expectations than positioning for an aggressive advance.

Strategy Reference

Given implied volatility at the 29.08th percentile, sellers may prefer defined-risk structures; a put credit spread such as selling the Nov. 20, 2026 $700.00 put and buying the $650.00 put offers a low assignment probability on the short strike while capping margin requirements compared to a naked short put.