Options trading activity on Macy’s Inc surged to 17,669 contracts on Tuesday, reflecting heightened interest in the retailer ahead of its September 10 earnings release. Call options accounted for 10,767 contracts while put options totaled 6,902, with the stock last trading at $22.74.
The most active single contract was the August 28, 2026 $23.50 call, which saw 5,952 contracts traded against an open interest of 462. A $23 call for the same expiration also traded 1,018 contracts with 596 in open interest. Traders executed 946 contracts on a $23/$23.50 call spread expiring August 28, 2026, with volume concentrated on the $23 strike. On the put side, the September 18, 2026 $22 strike saw 4,640 contracts traded with open interest of 12,385.
The options market is pricing in an implied move of approximately 8% around the earnings announcement, translating to a potential swing of roughly $1.80 in either direction. This compares to Macy’s historical earnings-day volatility of 7.7%. The retailer’s shares have gained 75.5% over the past year but have declined nearly 9% in the last month.
Analysts project limited upside from current levels, with a mean target of $23.23 and a fair value estimate of $23.31. UBS maintained a cautious stance, raising its target to $10 while Citi set a neutral target at $24.
