Eastman Kodak (KODK) Surges 8.42% on 71% Call Options Spike, Institutional Optimism

Shares of Eastman Kodak (NYSE:KODK) surged 8.42% in pre-market trading on December 9, 2025, driven by a 71% spike in call options volume and strategic investor activity. The stock opened at $9.54, surpassing its 50-day and 200-day moving averages, amid heightened institutional confidence in its advanced materials diversification.

Unusually high call options activity—8,335 contracts—sparked speculation about bullish positioning, signaling potential long-term investment. Institutional investors, including BNP Paribas and Tower Research Capital, significantly increased holdings in Q2 2025, while hedge funds collectively owned 33.65% of the stock. Analyst ratings also shifted, with Wall Street Zen upgrading KODK to "Hold" from "Sell," though a "Sell" consensus remained from other firms.

Insider transactions provided mixed signals: Director Philippe D. Katz boosted ownership by 2.78% through a $36,750 purchase, while SVP Roger Byrd reduced his stake by 24.99% via a $157,952 sale. Reduced short interest and elevated open interest in December options further underscored institutional optimism. The stock’s 12-month low short interest and its position above key moving averages highlighted a strengthening technical outlook for the company’s print, advanced materials, and brand segments.

With increased institutional participation and a shift in analyst sentiment, KODK is showing early signs of a broader market re-evaluation of its long-term growth potential. The recent uptick in open interest and call options volume also suggests growing speculative and hedging activity. As of December 9, 2025, the stock’s 52-week high of $12.11 appears increasingly within reach, particularly if earnings expectations for Q4 2025 align with current analyst forecasts.