ZETA institutional options flow analysis — multi-leg block trades, dominant direction, and gamma analysis from the public options tape for May 20, 2026. Articles older than 60 days are public; a free account reads back to 30 days, Pro to 5, and AIme Premium reads today's unusual options trades with no delay.

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ZETA Unusual Options Activity — 2026-05-20

Institutional flow on 2026-05-20

Multi-leg block trades, dominant direction, and gamma analysis

$1.1M1 trade
Long Put

Trade Details

BUY$17.5 PUT2027-01-15$1.1MLong Put

Full Analysis

🐻 ZETA $1.1M Bearish Put Block — Whale Bets Against the AI Marketing Rally

📅 May 20, 2026 | 🔥 Unusual Activity Detected

🎯 The Quick Take

Someone just dropped $1.1 MILLION on ZETA puts at 11:23 AM today — buying 8,400 contracts of the $17.50 strike expiring January 2027, with the stock sitting at $18.47. This is a fresh, aggressive bearish (or hedging) bet with Volume/OI of ≈6.5, meaning this position didn't exist in any meaningful size before today. The whale chose a strike just 5% below spot and an expiration that bridges three more earnings reports — including Q2 on August 5, Q3 in early November, and any Q4 2026 guidance reveal. Translation: Smart money is paying $1.1M to protect against a potential re-rating of this AI marketing stock, and they want coverage all the way through January 2027.

📊 Company Overview

Zeta Global Holdings (NYSE: ZETA) is an AI-powered marketing technology company that helps brands acquire, grow, and retain customers using a proprietary data cloud and machine-learning platform:

  • Market Cap: ≈$4.56B at current prices (per WallStreetZen)
  • Industry: Technology — Marketing Cloud / SaaS Software (Internet Software & Services)
  • Current Price: $18.47 — down ≈18.4% YTD 2026 despite a blowout Q1 beat-and-raise
  • Primary Business: Zeta Marketing Platform — identity data, AI-driven personalization, omnichannel campaign execution — competing against Salesforce Marketing Cloud, Adobe Experience Cloud, and Oracle Marketing

💰 The Option Flow Breakdown

The Tape (May 20, 2026 @ 11:23:17):

TimeSymbolBuy/SellTypeOCC SymbolExpirationPremiumStrikeVolumeOISizeSpotOption Price
11:23:17ZETABUYPUT $17.50ZETA20270115P17.52027-01-15$1.1M$17.508,4001,3003,342$18.47$3.42

🤓 What This Actually Means

This is a BTO (Buy to Open) long put — the trader paid $1.1M in fresh premium to open a brand-new bearish position. Key details:

  • 💸 Premium paid: $1.1M ($3.42 per contract × 3,342 contracts per single print × multiple prints = 8,400 total volume)
  • 🎯 Strike choice: $17.50 is ≈5% below the $18.47 spot — slightly out-of-the-money, not a deep hedge. This is a directional bet with meaningful delta exposure
  • ⏰ Tenor: ≈8 months to January 15, 2027 — covering Q2 2026 earnings (Aug 5), Q3 2026 earnings (early November), and Q4 guide reveal
  • 📊 Vol/OI ratio ≈6.5: Volume is 6.5× the existing open interest of 1,300. This is clearly fresh opening activity, not someone rolling or closing an existing position
  • 🔥 Unusualness: This is HIGH ACTIVITY by any measure for ZETA — a stock that trades a few hundred contracts a day in standard flow. Dropping 8,400 contracts in a single session on one strike is institutional-scale positioning

What's really happening here:

The trader could be doing one of two things — and probably both at once. First, this could be a pure bearish bet that ZETA's premium multiple continues to compress even as revenue grows, consistent with the broader growth-software de-rating of 2026. Second, this could be portfolio insurance — if an institution holds a large long ZETA position (stock or calls), paying $1.1M to protect against a drawdown to $17.50 over 8 months is rational portfolio management. The $17.50 strike is psychologically significant: it sits right at the strongest gamma support level (more on that below) and represents the line in the sand where the stock would be trading below its fundamental trendline.

Real talk — the Culper Research short attack from November 2024 took ZETA from $38.20 all-time highs to the low $20s, and no formal regulatory action has ever cleared the air completely. This whale may believe that a residual data-privacy regulatory tail risk could re-emerge in 2026, or that Marigold integration slippage could disappoint in the back half of the year.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

ZETA YTD

ZETA is down ≈18.4% in 2026 year-to-date per Simply Wall St, an almost paradoxical outcome for a stock that just posted its 19th consecutive beat-and-raise quarter with +49.9% revenue growth. The 52-week range spans $12.10 to $24.90, and the stock is sitting ≈26.5% below its 52-week high — a stark reminder that in the current growth-software multiple compression environment, even exceptional fundamentals don't guarantee price appreciation.

Key observations from the chart:

  • 📉 YTD de-rating: Down 18% YTD despite Q1 crushing expectations — the market is paying less per dollar of revenue growth than it was a year ago
  • 📈 Near-term recovery: 1-month return +17.8%, 7-day return +6.1% per Simply Wall St — Q1 earnings bounce was real, but stock remains far below the pre-Culper $38.20 all-time high
  • ⚠️ $18.47 is a vulnerable perch: The stock recovered off recent lows but hasn't cleared meaningful resistance. Any catalyst disappointment could snap the recovery

Gamma-Based Support & Resistance Analysis

ZETA Gamma S/R

Current Price: $18.47

The gamma exposure map for ZETA shows a relatively sparse but clear structure — this is a smaller-cap stock, so the gamma levels are less dense than a mega-cap, but the key zones are well-defined:

🔵 Support Levels (Put Gamma Below Price):

  • $17.50 — The strongest support level on the entire map, with 3.78 total gamma exposure (put_gex 2.03 > call_gex 1.75 = net negative, meaning dealers are long puts here and will buy the stock on dips). This is exactly where the whale struck their put. Not a coincidence — this level has the highest concentration of put open interest closest to current price
  • $15.00 — Deeper support at 1.93 total gamma, meaningful floor if $17.50 gives way (18.6% below spot)
  • $17.00 — Nearby minor support at 0.89 total gamma (7.7% below spot)

🟠 Resistance Levels (Call Gamma Above Price):

  • $20.00 — The gamma wall, strongest single resistance level at 8.59 total gamma, dominated by call_gex (7.69). Market makers are short calls here and will systematically sell the stock to hedge as it approaches $20. This is the ceiling that ZETA must clear to change the technical narrative
  • $19.50 — Moderate resistance at 4.02 total gamma (5.8% above spot) — first hurdle to clear
  • $22.50 — Extended resistance at 2.72 total gamma (19.4% above spot)
  • $25.00 — Upper resistance zone at 1.66 total gamma (35.7% above spot)

What this means for traders:

ZETA is sandwiched between the $17.50 put-gamma support floor (5% below) and the massive $20.00 call-gamma wall (8.5% above). The options market has effectively capped near-term upside at $20 while providing dealer buying support at $17.50. The whale struck their put right at the support level — a sophisticated choice that acknowledges $17.50 may hold in normal conditions, but pays off significantly if that support breaks under a negative catalyst.

The net GEX bias is bullish at nearby strikes (positive net gamma at $18, $19, $19.50) — market makers are net long gamma around current price, which tends to pin price. But the $20 wall is formidable, and once below $17.50, the gamma support thins out quickly down to $15.

Implied Move Analysis

ZETA Implied Move

Options market pricing for upcoming expirations:

  • 📅 Weekly (May 22 — 2 days): ±$0.87 (±4.7%) → Range: $17.56 – $19.30
  • 📅 Monthly OPEX / Triple Witch (June 19 — 30 days): ±$4.18 (±22.7%) → Range: $14.25 – $22.60

Translation for regular folks:

The options market is pricing in a 4.7% move ($0.87) by Friday — covering just normal week-to-week price action. But zoom out to the June OPEX and the implied range explodes to ±22.7% — from a low of $14.25 to a high of $22.60. That lower bound of $14.25 sits well below both the put strike ($17.50) AND the $15 gamma support — showing that the market considers a significant drawdown a real probability over the next 30 days alone.

Critically, the Jan 2027 expiration (this whale trade) would carry an even wider implied range — likely ±35–40% or more when modeled out 8 months. The whale is buying into that tail: if ZETA revisits its 2026 lows (low $12s) after a negative regulatory event or earnings miss, a $17.50 put expiring January 2027 could be worth $5.00 or more.

Key insight: The 22.7% one-month implied move is very elevated for a $4.56B market-cap company that just beat estimates. This reflects residual uncertainty from the Culper overhang, Marigold integration complexity, and the broader growth-software multiple volatility. The whale is not fighting implied volatility — they're buying it because they think the tail risk is underpriced.

🎪 Catalysts

🔥 Upcoming Catalysts (Next 8 Months — Inside This Trade's Window)

Q2 2026 Earnings — August 5, 2026 (MOST IMPORTANT DATE) 📊

The Q2 print is the first real test of whether ZETA can sustain its momentum post-Marigold integration. Per the Q1 earnings call, management guided Q2 revenue of $419M–$422M (+36–37% YoY) and adjusted EBITDA of $86.2M–$86.9M (+47–48% YoY). Key metrics to watch:

  • 🤖 Athena monetization signals: Athena hit general availability March 24, 2026 with a 7× surge in agentic interactions in week one and 60% of AI usage running through it by Q1 close. Any pricing-model update or ARPU expansion from Athena is a massive bullish catalyst
  • 📦 Marigold synergy delivery: The $325M Marigold acquisition that closed November 2025 contributed $55.6M to Q1 revenue. Management explicitly guided that EBITDA synergies land in Q2 and 2H 2026 — slippage here is the bear's best scenario
  • 📈 Super-scaled customer count and NRR: 189 super-scaled customers growing at 19% YoY and NRR at a record 120% need to hold or expand. Any erosion is a yellow flag

Q3 2026 Earnings — Early November 2026 📊

Typical Zeta cadence points to ≈November 5, 2026, per Quartr. Still inside the January 2027 put expiry — the whale is buying protection through this print too.

GAAP Profitability Inflection — FY2026 📈

Management explicitly guided FY2026 as the first full year of positive GAAP net income. If achieved, this removes a long-standing bear talking point. If missed, it re-ignites the "growing but not profitable" narrative and the Culper thesis.

✅ Recent Catalysts (Already Happened — Mostly Bullish)

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and upcoming catalysts, here are the three scenarios through the January 2027 expiration:

📈 Bull Case (35% probability)

Target: $22–$25 (clearing the gamma wall)

How we get there:

  • ✅ Q2 2026 earnings beat guidance, Athena ARPU expansion signals land, NRR holds above 120%
  • ✅ GAAP profitability inflects ahead of schedule, removing the last remaining bear talking point
  • ✅ Marigold cross-sell (loyalty into grow-and-acquire) generates visible revenue lift in 2H 2026
  • ✅ No regulatory action emerges from the Culper data-privacy allegations — Zeta's Nov 2024 rebuttal holds
  • ✅ Breakout above the $20 gamma wall triggers technical momentum toward $22.50 (next resistance) and potentially $25
  • ✅ Buyback execution ($100M authorization, active through Dec 2026) provides mechanical buying support

Put P&L in Bull Case:

  • Stock at $22 on Jan 15, 2027: put likely worth ≈$0.05–$0.10, full premium of $1.1M (≈$3.42/contract) is lost
  • The $1.1M was the cost of insurance — the whale's underlying long position or directional thesis did not play out

Why 35% probability: The analyst community is broadly bullish ($28–$30 consensus PT), and the execution track record is strong (19 consecutive beat-and-raises). The buyback and Athena narrative are real. But the stock's inability to recover to even half its ATH despite 19 consecutive quarters of execution suggests multiple compression is structural, not temporary.

🎯 Base Case (40% probability)

Target: $16–$19 range (chop with a bearish lean)

Most likely scenario:

  • ⚖️ Earnings come in line with guidance — solid but not spectacular. Market shrugs (already priced in) and stock stays range-bound
  • 🏗️ Marigold synergies land but are offset by integration costs, resulting in EBITDA margins at the low end of guidance
  • ⚖️ Athena shows engagement growth but no visible ARPU expansion yet — story is still "investing for future monetization"
  • 📉 Broader growth-software multiple compression continues through 2026, capping stock even on clean beats
  • ↔️ Stock oscillates in the $16–$19 band, occasionally testing $17.50 gamma support and bouncing off $20 gamma resistance
  • 💰 Put finishes in-the-money or close to at-the-money, providing partial recovery of the $1.1M premium

Why 40% probability: This is exactly the frustrating scenario ZETA has been living YTD — the numbers are great but the multiple won't expand. The gamma data (heavy resistance at $20, moderate support at $17.50) geometrically describes this chop zone.

📉 Bear Case (25% probability)

Target: $12–$15 (test the Jan 2027 put strike hard)

What could go wrong:

  • 🚨 Culper Research thesis gets regulatory legs — any SEC inquiry, state AG action, or data-privacy enforcement against Zeta's identity data practices could gap the stock 20–30% overnight. This scenario was never resolved, just forgotten
  • ❌ Marigold integration slips materially in 2H 2026 — Zeta guided aggressive EBITDA synergies; missing them would compress the 22.1–22.4% EBITDA-margin target and trigger estimate cuts across the Street
  • ❌ NRR erodes below 120% — if larger legacy customers churn or cut spend, the "land-and-expand" flywheel stalls and the growth narrative cracks
  • 📉 Adobe/Salesforce/Oracle accelerate their own agentic-AI roadmaps, threatening Athena's differentiation
  • 📉 Break below $17.50 gamma support — once that level gives, the next meaningful support is $15 (18.6% lower), and below that it thins out fast
  • 💸 Growth-software multiple compression deepens further — even 50% revenue growth doesn't save you if the market decides to pay 3× revenue instead of 5× revenue

Put P&L in Bear Case:

  • Stock at $15 on Jan 15, 2027: put worth ≈$2.50, gain of ≈$0.92/contract — partial recovery on the $1.1M position
  • Stock at $12 on Jan 15, 2027: put worth ≈$5.50, gain of ≈$2.08/contract — nearly 61% profit on the full position (≈$521K gain on $1.1M at risk)
  • Stock at $10 on Jan 15, 2027: put worth ≈$7.50, gain of ≈$4.08/contract — very profitable on the full position

Breakeven for the whale: ZETA at $14.08 ($17.50 strike minus $3.42 premium paid) at expiration.

💡 Trading Ideas

🛡️ Conservative: Watch and Wait — Let the Q2 Print Set the Tone

Play: Do nothing until August 5, 2026 Q2 earnings reveal whether the bull case or bear case is gaining traction.

Why this works:

  • 📊 The implied move data prices in ±22.7% for June OPEX — options are expensive right now because the market is uncertain. No need to fight expensive premium
  • ⏰ Q2 on August 5 is the pivotal date. The Marigold synergy story, Athena monetization, and NRR trajectory all get disclosed then. Most of the ambiguity resolves in one print
  • 🎯 If Q2 disappoints, you get a better entry on puts at lower IV. If Q2 beats, the gamma wall at $20 becomes the entry point for defined-risk call spreads
  • ✅ Cash is a position. With the stock down 18% YTD and an institutional put block just landed, this is not the time to be a hero

Action plan:

  • 👀 Watch $17.50 gamma support — if stock breaks below it on volume, that's the bear case accelerating
  • 🎯 Watch $20 gamma resistance — if stock clears it convincingly on Q2 beat, that changes the technical picture
  • 📅 Mark August 5 as your key decision date

Risk level: Minimal | Skill level: Beginner-friendly

⚖️ Balanced: Bear Put Spread — Defined Risk Bearish Bet

Play: Buy the August 2026 $17.50 put, sell the $15.00 put — capturing the bear case to the first major gamma support

Why this works:

  • 🎯 Captures the exact move the whale is positioned for — $17.50 to $15 — at a fraction of the cost
  • 💰 Defined max loss (net debit paid, typically $0.80–$1.20 per spread at current IV levels)
  • 📊 $15.00 is the next significant gamma support — below $17.50 is the most probable bear trajectory, but $15 likely provides a floor
  • 🤝 You're partially "copying" the institutional positioning at a lower cost and shorter tenor
  • ⚠️ Wait for Q2 earnings (Aug 5) — if disappointed, IV will still be elevated, making this spread available at reasonable cost

Estimated structure (post-Q2 earnings, IV may vary):

  • 💸 Net debit: ≈$0.80–$1.20 per spread
  • 📈 Max profit: $2.50 minus debit (if ZETA at or below $15 at expiration)
  • 📉 Max loss: Net debit paid (if ZETA above $17.50 at expiration)
  • 🎯 Breakeven: ≈$16.30–$16.70

Position sizing: Risk only 1–3% of portfolio. This is a speculative directional bet on a volatile small-cap.

Risk level: Moderate (defined risk) | Skill level: Intermediate

🚀 Aggressive: Replicate the Whale — Long Put Position (ADVANCED ONLY!)

Play: Buy the January 2027 $17.50 put directly, sizing to 1–5 contracts maximum.

Why this could work:

  • 💥 Maximum alignment with the institutional thesis — same strike, same expiry
  • 🎢 8 months of coverage through Q2 (Aug 5), Q3 (Nov), and potential regulatory news flow at any point
  • 🚀 If ZETA drops to $12–$14 (the Culper-scenario revisit or Marigold miss), the $3.42 put purchased today could be worth $3.50–$5.50, generating 2–3× your money
  • ⏰ Long tenor means you don't die on theta the way shorter-dated options do — you have time to be right

Why this could blow up (READ CAREFULLY):

  • 💸 $342 per contract: 5 contracts = $1,710 total risk. Know your number before entering
  • 📈 Bull case destroys the trade: If ZETA clears $20, rallies to $22+ on Athena monetization, this put loses 70–90% of its value
  • 🎢 ZETA's 19 consecutive beat-and-raise record: The execution track record is real. Betting against this team is not a low-risk trade
  • ⚖️ Analyst consensus $28–$30: The Street is broadly bullish — you're fighting a lot of optimism
  • 📉 Breakeven at $14.08: You need ZETA to fall 24% from current levels just to break even at expiration — that's a significant hurdle
  • ⚠️ Near-term IV crush risk: If Q2 earnings come in strong and IV drops, the put could lose 30–40% of its value even if the stock doesn't move much

Risk level: High (can lose full premium) | Skill level: Advanced only

⚠️ Risk Factors

Don't get caught by these potential landmines:

  • 🐻 Culper Research tail risk — unresolved: The November 2024 short attack alleged data-collection-practice issues and sent the stock from $38.20 to the low $20s. Zeta responded vigorously and held an investor webinar. But no formal regulatory clearance has been issued. If any enforcement action, FTC inquiry, or state AG investigation emerges in 2026, the stock could gap down 20–30% in a single session. The 2025 Annual Report continues to list it as a risk factor

  • 📦 Marigold integration execution — the 2H 2026 test: Management has explicitly guided that EBITDA synergies from the $325M Marigold acquisition will flow through Q2 and the back half of 2026. This is a high bar. Integrating Cheetah Digital, Selligent, Sailthru, and Marigold Loyalty simultaneously while maintaining 120%+ NRR across both legacy and acquired customers is operationally complex. Any slippage triggers estimate cuts

  • 📉 Multiple compression is structural, not cyclical: ZETA is down 18.4% YTD despite +49.9% revenue growth, +42% EBITDA growth, and its 19th consecutive beat-and-raise. The market is paying less per dollar of growth than it did 18 months ago. If the growth-software valuation discount deepens further, even flawless execution won't lift the stock. Per TIKR, this disconnect between fundamentals and stock performance is the defining feature of the 2026 tape for ZETA

  • 🤖 Athena monetization timeline is uncertain: Management showed explosive engagement data (7× agentic interactions in week one of GA, 60% of AI usage through Athena by Q1 close per the Q1 transcript), but engagement is not revenue. Pricing model for Athena-specific ARPU expansion has not been disclosed. If Q2 call doesn't show concrete monetization, the AI narrative risks becoming "vaporware" in investors' minds

  • 🏦 Dual-class share structure and insider gifting signal: CEO Steinberg's May 6, 2026 gift of 1.27M shares was estate-planning, not a market sale. But the dual-class super-voting structure concentrates control, and governance-sensitive institutional holders may apply a persistent valuation discount. Open-market insider buying in the prior 3 months was zero — no insiders stepped up to buy at $18 despite the 18% YTD drawdown

  • ⚖️ Competition intensifying from legacy giants: Adobe, Salesforce, and Oracle are all accelerating their own agentic-AI marketing roadmaps. Zeta's window to establish Athena as the definitive AI-first marketing platform may be narrowing. Per PitchGrade SWOT, these competitors have far greater distribution and entrenched customer relationships

  • 🎲 The whale could be wrong: Institutional money gets big calls wrong regularly. This put buyer has defined their maximum loss ($1.1M in premium) — but ZETA has a credible path to $22–$25 on continued execution. A 50% implied upside to analyst consensus PT is not trivial

🎯 The Bottom Line

Real talk: Someone just paid $1.1M to bet that ZETA trades below $17.50 before January 2027 — or at minimum to hedge a large long position against that outcome. The Vol/OI of 6.5 on this print is unambiguous: this is fresh, institutional-scale opening interest, not a hedge by someone trimming. They chose a strike 5% out-of-the-money (not deep protection) and a tenor of 8 months (not panic-buying). This is a deliberate, calculated bearish thesis.

What this trade tells us:

  • 🎯 The whale thinks the Culper tail risk is not fully priced, or that Marigold/Athena execution slippage is more likely than the Street believes
  • 💰 They're comfortable paying $3.42/share (≈18.5% of the option's intrinsic boundary at $17.50) for 8 months of directional exposure — that's conviction, not casual hedging
  • 📊 The January 2027 expiry specifically bridges Q2 (Aug 5), Q3 (early Nov), and the 2027 outlook — they want to see all of those prints before this bet expires
  • ⚖️ Analysts are bullish ($28–$30 consensus), the buyback is active, and NRR is record 120% — but the stock can't get through $20. The gamma structure confirms that ceiling is real

This is NOT a "the company is a fraud" signal — it's a "the risk/reward doesn't justify the current price" signal.

If you own ZETA stock:

  • ✅ The fundamentals remain genuinely strong — 19 consecutive beat-and-raises, 50% revenue growth, $1.78B+ FY26 guide, Athena GA, $100M buyback
  • 📊 But this put block is a flashing yellow light. Consider trimming to a comfortable size and hedging the rest if you're up big from lower levels
  • 🎯 If you bought below $15, you've already won. Consider booking partial profits and let the rest ride with a mental stop around $17.50 (the gamma support and the whale's strike)
  • ⏰ August 5 Q2 earnings is the moment of truth — hold into that print only if you can stomach a ±22% implied move

If you're watching from the sidelines:

  • ⏰ Do not chase the stock at $18.47 — you're buying directly into a fresh $1.1M institutional put block
  • 🎯 A pullback to $16–$17 (at or below the whale's strike) would be a more interesting long entry if Q2 execution proves clean
  • 📈 Longer-term, the Athena/OpenAI partnership and 19-quarter beat-and-raise track record make a compelling case for a patient accumulator — but today is not the day to be a hero

If you're bearish:

  • 📊 The $20 gamma wall is your best friend — if ZETA gets a short-term bounce and tests $20, that's a technically clean shorting point or put-buying point
  • 🎯 Watch for break below $17.50 gamma support — that's the trigger that validates the whale's thesis and could accelerate toward $15
  • ⚠️ Don't short the stock outright without a defined stop — a single strong Q2 print could squeeze you 15–20% in a session

Mark your calendar — Key dates:

  • 📅 May 22 (Friday) — Weekly OPEX, ±4.7% implied move window closes
  • 📅 June 19 — Monthly OPEX / Triple Witch, ±22.7% implied range ($14.25–$22.60)
  • 📅 August 5, 2026 — Q2 2026 earnings (THE pivotal print — Marigold synergies, Athena monetization, NRR trajectory)
  • 📅 Early November 2026 — Q3 2026 earnings (≈Nov 5 per Quartr)
  • 📅 January 15, 2027 — Expiration of this $1.1M put block
  • 📅 FY2026 — First-ever full-year GAAP profitability guided by management

Final verdict: ZETA is a genuinely exciting AI marketing company with 19 consecutive quarters of execution and one of the most compelling agentic-AI plays in mid-cap software. But the stock is trapped between strong analyst optimism ($28–$30 consensus) and a structural multiple compression that has punished the stock despite the execution. The $1.1M institutional put block is a real signal: someone with significant capital thinks the risks — Culper regulatory tail, Marigold integration, Adobe/Salesforce AI competition, software multiple compression — are underpriced at $18.47. Respect the signal. Don't blindly fight it.

Be patient. Let Q2 clear. The ZETA story will still be here in August — and you'll have far better information to make your decision with. 💪

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational and informational purposes only and does not constitute financial advice. Past performance does not guarantee future results. The unusual volume described reflects a single trading session and does not imply that the trade will be profitable or that retail traders should follow it. Always conduct your own due diligence and consider consulting a licensed financial advisor before trading. Options can expire worthless and you can lose your entire premium. The institutional put buyer discussed here may have complex hedging needs, risk-management objectives, or portfolio constraints that are not applicable to retail investors.

About Zeta Global Holdings: Zeta Global is an AI-powered marketing technology company that provides a cloud-based marketing platform enabling brands to acquire, grow, and retain customers. With a market cap of ≈$4.56B and revenues growing at 50% YoY, Zeta operates in the Internet Software & Services sector and competes against legacy marketing cloud providers through its proprietary identity data, the Zeta Marketing Platform, and the Athena agentic-AI marketing agent powered by OpenAI.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.