AST SpaceMobile, Inc. closed at USD 55.01, down 17.04% from the previous close. Despite the sharp price decline, large options trades revealed a mix of strategies, including a notable $10.29 million bullish bull put spread, which stood in contrast to a dominant bearish flow in the broader large-trade tape.

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Options Indicators

ASTS has an implied volatility of 117.93%, and with an IV percentile of 77.29%, current option volatility sits in an elevated range, indicating options are priced expensively relative to the stock’s own recent history. The IV/HV ratio of 1.12 further suggests implied volatility is running modestly above realized volatility, reinforcing the view that the options market is assigning a premium to near-term uncertainty. The Call/Put volume ratio is 0.88.

Large Trades

A bullish bull put spread worth $10.29 million stood out as one of the day’s largest displayed trades. The structure involved selling 2,600 October 16, 2026 $75.00 puts for $6.65 million while buying 3,200 October 16, 2026 $55.00 puts for $3.65 million, creating a net credit position. With the stock reference at $55.01, the short $75.00 put was in the money while the long $55.00 put was slightly out of the money, making this a defined-risk premium-collection strategy that expresses a constructive view above the lower strike zone. Strategically, the trader appears willing to absorb downside exposure in exchange for premium, while the long $55.00 put caps tail risk, which is consistent with a moderately bullish stance rather than an outright aggressive upside chase.

A bullish bull call spread worth $5.12 million was the other highlighted trade, combining the sale of 2,000 January 21, 2028 $120.00 calls for $3.07 million with the purchase of 2,000 January 15, 2027 $75.00 calls for $2.05 million. This was entered for a net credit, and both call strikes were out of the money relative to the $55.01 reference price. The position reflects a directional upside view with risk partially financed by selling farther-dated upside at a much higher strike, suggesting the trader wants exposure to a medium-term rally while limiting capital outlay and implicitly capping some longer-term upside beyond $120.00. In practical terms, this combination points to a bullish but measured outlook rather than a pure speculative call purchase.

Overall sentiment across all large trades was bearish, with $15.41 million in bullish flow versus $77.58 million in bearish flow, leaving a net bearish difference of $62.17 million. The directional judgment is clearly negative because the bullish highlighted spreads were outweighed by much heavier downside-oriented and premium-selling put activity elsewhere in the large-trade tape. Even though the displayed trades show some investors positioning for stabilization or upside recovery through defined-risk bullish structures, the broader large-trade balance indicates that the market’s dominant tone remained defensive and tilted toward downside risk.

Strategy Reference

For a seller preferring low assignment probability, a deep out-of-the-money put, such as a $30.00 strike, could be considered; for those seeking defined risk with less margin than a naked short, a bear put spread using nearer-term expirations is a viable alternative.