KODK Shares Surge 8.42% as Call Options Drive Bullish Momentum

Shares of Eastman Kodak (NYSE:KODK) surged 8.42% in pre-market trading on December 9, 2025, driven by robust call options activity and strategic investor actions. The stock opened at $9.54, trading above its 50-day ($7.06) and 200-day ($6.47) moving averages.

Unusually high call options volume—8,335 contracts—sparked speculation about bullish positioning, a 71% jump from the 4,875 daily average. Analyst ratings shifted recently, with Wall Street Zen upgrading KODK to “Hold” from “Sell,” though Weiss Ratings maintained a “Sell” stance. Institutional investors also signaled confidence, with BNP Paribas and Tower Research Capital significantly increasing holdings in Q2 2025.

Insider transactions added nuance: Director Philippe D. Katz purchased $36,750 of shares, boosting his ownership by 2.78%, while SVP Roger Byrd sold $157,952 worth, reducing his stake by 24.99%. Hedge funds collectively hold 33.65% of the stock, reflecting ongoing institutional interest in the company’s print, advanced materials, and brand segments.

Investor sentiment is further amplified by broader sector trends, particularly in the advanced materials segment, where KODK is diversifying its revenue base. The stock is currently trading with high open interest in the December 2025 expiration cycle, suggesting that the rally might not be purely speculative. The bullish bias is also reflected in the stock’s short interest, which has fallen to a 12-month low, indicating reduced bearish betting.