Bilibili Sees Elevated Call Volume and Implied Volatility Ahead of Earnings

Bilibili's (BILI) call volume is above normal and directionally bullish, with 12,815 calls trading, 2x expected, and implied vol increasing to 55.11%. The most active options are Jan-26 21 calls and Sep-25 20 calls, with a total volume of near 9,500 contracts. The Put/Call Ratio is 0.19. Earnings are expected on August 21st.

Bilibili Inc. (BILI), the Chinese online entertainment company, has seen a significant increase in bullish option activity, indicating a positive sentiment among investors. According to recent trading data, 12,815 call options were traded, which is double the expected volume [2]. This activity has led to an increase in implied volatility, now standing at 55.11% [2]. The most heavily traded options are the January 2026 calls with a strike price of $21 and the September 2025 calls at $20, accounting for nearly 9,500 contracts in total [2]. The Put/Call Ratio of 0.19 further underscores the preference for call options among traders [2].

The surge in option activity coincides with the anticipation of Bilibili's earnings report scheduled for August 21st. Analysts have forecasted an average target price of $25.24 for Bilibili Inc., with a high estimate of $33.00 and a low estimate of $19.00 [2]. The consensus recommendation from 28 brokerage firms is "Outperform," indicating a bullish outlook [2]. GuruFocus estimates suggest a GF Value of $21.33 for Bilibili Inc. in one year, suggesting a downside of 4.99% from the current price [2].

Institutional investors have also shown interest in Bilibili Inc. Several institutional investors have recently bought and sold shares of BILI, with notable acquisitions by SVB Wealth LLC, FNY Investment Advisers LLC, and Federated Hermes Inc. during the first quarter [1]. Additionally, Brooklyn Investment Group increased its holdings in shares of Bilibili by 10,989.7% during the first quarter [1].

Bilibili Inc. reported a 24% year-over-year increase in total revenues, driven by strong performances in advertising and game businesses [2]. The company's gross profit increased by 58% year-over-year, with the gross profit margin expanding to 36.3% [2]. Despite narrowing losses, Bilibili Inc. still reported a GAAP net loss of RMB11 million for the first quarter [2]. The company faces challenges in maintaining long-term user engagement and retention, particularly as it aims to sustain the popularity of its key game titles like San Mou [2].

References:
[1] https://www.marketbeat.com/instant-alerts/bilibili-nasdaqbili-shares-gap-up-heres-what-happened-2025-07-15/
[2] https://www.gurufocus.com/news/2975763/bilibili-bili-sees-surge-in-bullish-option-activity-bili-stock-news