Surge in Options Trading Volume for Okta and Astrana Health
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
0mins
Should l Buy GME?
Source: NASDAQ.COM
- Okta Options Volume: Okta Inc experienced options trading volume of 28,412 contracts, equivalent to approximately 2.8 million shares, representing 101.8% of its average daily trading volume over the past month, indicating strong market interest in its future performance.
- High Put Option Activity: Within Okta, the $50 strike put option expiring on September 18, 2026, saw 12,002 contracts traded today, representing about 1.2 million underlying shares, suggesting heightened investor expectations for a potential price decline.
- Astrana Options Trading: Astrana Health Inc recorded options trading volume of 5,439 contracts, approximately 543,900 shares, which is about 89.7% of its average daily trading volume over the past month, reflecting growing market interest in the company.
- High Call Option Activity: For Astrana, the $25 strike call option expiring on March 20, 2026, saw 5,397 contracts traded today, representing around 539,700 shares, indicating optimistic investor sentiment regarding its future performance.
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Analyst Views on GME
About GME
GameStop Corp. offers games and entertainment products through its stores and ecommerce platforms. The Company operates in four geographic segments: United States, Canada, Australia and Europe. Each segment consists primarily of retail operations, with the significant majority focused on games, entertainment products and technology. The Company has a total of approximately 3,203 stores across all of its segments: 2,325 in the United States, 193 in Canada, 374 in Australia, and 311 in Europe. Its stores and ecommerce sites operate primarily under the names GameStop, EB Games and Micromania. Its Australia and Europe segments also include 38 pop culture-themed stores selling collectibles, apparel, gadgets, electronics, toys and other retail products for technology enthusiasts and general consumers in international markets operating under the Zing Pop Culture brand. Its retail stores are generally located in strip centers, shopping malls and pedestrian areas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Financing Strategy: Cohen secured a $20 billion debt financing commitment from TD Securities, planning a 50-50 cash-and-stock deal to acquire eBay, although this requires convincing the market that the combined entity will be more valuable.
- Market Reaction: The acquisition proposal has caused volatility in GameStop's stock price, which has seen a compound annual growth rate of -8% over the past decade, yet Cohen's aggressive strategy may attract investor interest, especially during the current acquisition season.
- Historical Precedent: Cohen's acquisition strategy mirrors the 1980s Capital Cities acquisition of ABC, demonstrating the potential for smaller companies to achieve rapid expansion through financing and strategic acquisitions, although success remains to be validated by the market.
See More
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- Sales and Profit Decline: eBay's total gross merchandise volume (GMV) fell from $87.6 billion to $79.6 billion, while operating income dropped from $2.64 billion to $2.28 billion, with operating costs rising from $4.46 billion to $5.65 billion, highlighting a persistent deterioration in profitability despite a shrinking user base.
- Acquisition Plans and Cost Savings: GameStop is pursuing a $56 billion acquisition of eBay, expecting to save $2 billion annually within a year post-deal, aiming to enhance profitability through resource integration, although concerns about debt burden have been raised.
- Market Sentiment Shift: While GameStop's board unanimously supports the acquisition proposal, eBay's directors are still reviewing it, and retail investor sentiment around eBay has shifted from 'extremely bullish' to 'bullish', reflecting a complex market attitude towards the acquisition.
See More
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- Acquisition Proposal Unveiled: GameStop is proposing a $56 billion acquisition of eBay, with CEO Ryan Cohen aiming to lead the merged entity, a move intended to enhance GameStop's market value despite its current market cap of $11 billion.
- Financing Strategy: To support this acquisition, Cohen has secured a $20 billion debt financing commitment from TD Securities, planning a 50% cash and 50% stock deal that offers a 20% premium over eBay's share price, reflecting confidence in the market.
- Historical Precedent: Cohen's acquisition strategy mirrors the 1980s Capital Cities acquisition of ABC, where a smaller firm successfully acquired a larger one with external financing, indicating that smaller companies can swallow larger firms with the right financial backing.
- Market Reaction Expectations: While Cohen's acquisition plan has garnered significant market attention, GameStop must convince investors that the combined company will be more valuable, especially as its own business continues to face challenges.
See More
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- Financing Challenges: GameStop's $125 per share offer results in a market value of $56 billion, which exceeds its $9.4 billion cash reserves, leading analysts to warn that such a financing structure could result in high leverage and interest rate risks that may jeopardize business stability.
- Leadership Style Impact: Analysts believe that under GameStop CEO Ryan Cohen's leadership, eBay could see a transformation in operational efficiency, but shareholders would require a larger cash component to mitigate the risks associated with such a significant business overhaul.
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See More
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- Credit Rating Risk: Moody's Ratings indicated that the acquisition would be 'credit negative' for eBay, estimating that the combined company's leverage could approach nine times, significantly exceeding investment-grade thresholds.
- Market Value Comparison: With a market value of approximately $11 billion, GameStop represents only a fraction of the implied value of the transaction, raising questions about its financing capabilities; the CEO mentioned the possibility of issuing additional stock to facilitate the deal.
- Board Review: eBay has confirmed receipt of GameStop's acquisition proposal and stated that its board will review it, with future decisions directly impacting the progress of the transaction.
See More
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- Acquisition Proposal: GameStop has proposed a $56 billion acquisition of eBay, with CEO Ryan Cohen aiming to enhance the company's market value despite its own market cap of approximately $11 billion, facing significant financing and market trust challenges.
- Financing Strategy: Cohen secured a $20 billion debt financing commitment from TD Securities, planning a 50-50 cash-and-stock deal to acquire eBay, although this requires convincing the market that the combined entity will be more valuable.
- Market Reaction: The acquisition proposal has caused volatility in GameStop's stock price, which has seen a compound annual growth rate of -8% over the past decade, yet Cohen's aggressive strategy may attract investor interest, especially during the current acquisition season.
- Historical Precedent: Cohen's acquisition strategy mirrors the 1980s Capital Cities acquisition of ABC, demonstrating the potential for smaller companies to achieve rapid expansion through financing and strategic acquisitions, although success remains to be validated by the market.
See More
Cohen Critiques eBay's Financial Metrics Amid Acquisition Bid
- Declining Buyer Base: Cohen's chart on X reveals that eBay's active buyers have decreased from 165 million in 2020 to 135 million in 2025, an 18% drop, indicating significant challenges in user retention that could hinder future sales growth.
- Sales and Profit Decline: eBay's total gross merchandise volume (GMV) fell from $87.6 billion to $79.6 billion, while operating income dropped from $2.64 billion to $2.28 billion, with operating costs rising from $4.46 billion to $5.65 billion, highlighting a persistent deterioration in profitability despite a shrinking user base.
- Acquisition Plans and Cost Savings: GameStop is pursuing a $56 billion acquisition of eBay, expecting to save $2 billion annually within a year post-deal, aiming to enhance profitability through resource integration, although concerns about debt burden have been raised.
- Market Sentiment Shift: While GameStop's board unanimously supports the acquisition proposal, eBay's directors are still reviewing it, and retail investor sentiment around eBay has shifted from 'extremely bullish' to 'bullish', reflecting a complex market attitude towards the acquisition.
See More
Key Deals Reported Across Sectors This Week
- Merger Agreement Update: Two Harbors Investment (TWO) has amended its merger agreement with CrossCountry Mortgage, raising the all-cash deal price from $11.30 to $12 per share, indicating enhanced competitiveness in the market.
- Acquisition Plans: Roche (RHHBF) announced plans to spend up to $1.1 billion to acquire PathAI, a U.S.-based company focused on delivering digital pathology and AI technology services for biopharma firms, aiming to enhance its technological capabilities in the biotech sector.
- Major Acquisition Deal: Angelini Pharma has agreed to acquire all outstanding shares of Catalyst Pharmaceuticals (CPRX) for $31.50 per share in cash, totaling approximately $4.1 billion in equity value, which will strengthen its product portfolio in the pharmaceutical market.
- Market Expansion: Western Midstream Partners (WES) has agreed to acquire Brazos Delaware II for about $1.6 billion, one of the largest privately held gathering and processing platforms in the Texas Delaware Basin, further solidifying its market position in the energy sector.
See More
GameStop's Ambitious $56 Billion eBay Acquisition Proposal Raises Eyebrows
- Acquisition Proposal Unveiled: GameStop is proposing a $56 billion acquisition of eBay, with CEO Ryan Cohen aiming to lead the merged entity, a move intended to enhance GameStop's market value despite its current market cap of $11 billion.
- Financing Strategy: To support this acquisition, Cohen has secured a $20 billion debt financing commitment from TD Securities, planning a 50% cash and 50% stock deal that offers a 20% premium over eBay's share price, reflecting confidence in the market.
- Historical Precedent: Cohen's acquisition strategy mirrors the 1980s Capital Cities acquisition of ABC, where a smaller firm successfully acquired a larger one with external financing, indicating that smaller companies can swallow larger firms with the right financial backing.
- Market Reaction Expectations: While Cohen's acquisition plan has garnered significant market attention, GameStop must convince investors that the combined company will be more valuable, especially as its own business continues to face challenges.
See More
GameStop's $56B Bid for eBay Sparks Analyst Debate
- Acquisition Proposal Analysis: GameStop's bid to acquire eBay for approximately $56 billion in cash and stock has prompted analysts to suggest that eBay should consider the proposal, provided shareholder interests are clearly defined, although it faces significant equity rollover challenges.
- Financing Challenges: GameStop's $125 per share offer results in a market value of $56 billion, which exceeds its $9.4 billion cash reserves, leading analysts to warn that such a financing structure could result in high leverage and interest rate risks that may jeopardize business stability.
- Leadership Style Impact: Analysts believe that under GameStop CEO Ryan Cohen's leadership, eBay could see a transformation in operational efficiency, but shareholders would require a larger cash component to mitigate the risks associated with such a significant business overhaul.
- Market Reaction: eBay's stock price surged following the acquisition news, indicating investor interest in eBay's future prospects, while also sparking speculation about potential competing bidders for the e-commerce giant.
See More
GameStop's $56 Billion eBay Bid Faces Financing Challenges
- Financing Commitment Condition: GameStop has secured a $20 billion financing commitment from TD Securities, but a key condition is that the combined company must maintain an investment-grade credit rating, which could jeopardize the deal's feasibility.
- Credit Rating Risk: Moody's Ratings indicated that the acquisition would be 'credit negative' for eBay, estimating that the combined company's leverage could approach nine times, significantly exceeding investment-grade thresholds.
- Market Value Comparison: With a market value of approximately $11 billion, GameStop represents only a fraction of the implied value of the transaction, raising questions about its financing capabilities; the CEO mentioned the possibility of issuing additional stock to facilitate the deal.
- Board Review: eBay has confirmed receipt of GameStop's acquisition proposal and stated that its board will review it, with future decisions directly impacting the progress of the transaction.
See More
