Unusual Activity in Apple Options Today Shows Investors Are Bullish on AAPL

Barchart data shows unusually large volume in Apple (AAPL.OQ) options, dominated by short interest in deep out-of-the-money puts—a bullish signal from options-market flows. A notable trade: 10,400 contracts of May 22, 2026 $200 puts (≈20% below current price) traded at an average premium of $1.20, ~18x prior open interest, implying a short-put income play with an annualized yield of ~4.8%. The low delta (0.0675) signals a small probability of AAPL falling to $200 by expiration, consistent with investors effectively selling downside protection. The article also reiterates valuation-based upside targets for AAPL between roughly $278 and $371 (author midpoint ~$324.50) and notes analysts’ average target near $295, implying ~17% upside from the current ~$249 price. Overall, flows and valuation suggest bullish investor positioning ahead of Apple’s earnings late April, supporting potential upside and limited near-term downside risk.