Analyst downgrades HubSpot as part of Monday's broad call revisions
The downgrade aligns with the standing option positioning (more puts than calls), but no new large option bets were placed to amplify the bearish view.
Benzinga · 10/05
Undercurrent · Money-flow snapshot
HUBS Max Pain, Dark Pool & Options Flow
HUBS max pain for the Oct 16, 2026 expiry is $220, from the Mon Oct 5 options chain. The last price, $220.61, is 0.3% above it. Call wall $230 · put floor $220.
What the institutional money is doing on HUBS right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
35.4% (market avg 49%)
Dark pool volume vs its norm
0.7×
Short share of that
54.0% (norm 52%)
Price
$220.61
Max pain
$220
Oct 16 exp
Call wall
$230
Oct 16 exp
Put floor
$220
Oct 16 exp
Put/Call ratio
1.67
Squeeze pressure
28
Dark pool share: Off-exchange volume was quiet at 0.7× its norm
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Large players were quiet in this name that day. The share (35.4%) may look normal, but the absolute size behind it was thin.
Source: FINRA · Mon 10/5 close
What it means: HUBS shows a defensive lean: standing positions favor downside protection (67% more puts than calls), while recent traded volume is balanced. Dark-pool activity is subdued and normal, with no new option positioning to read. The stock sits at max pain ($220), suggesting option sellers are neutral.
News vs the money
Wall Street reshuffles ratings across software and tech on Monday
Standing positions lean defensive, but the lack of fresh option positioning suggests institutional traders are not yet acting on these calls with conviction.
247 Wallst · 10/05
⚡ DIVERGENCESoftware stocks including HubSpot bounce as beaten-down names recover
The bounce contradicts the standing put-heavy positioning, but without new option flows, it is unclear whether institutions are buying into the rally or simply covering shorts.
24/7 Wall Street · 10/01
⚡ DIVERGENCEHubSpot trades at historic valuation lows; DCF analysis suggests upside remains
The bullish valuation case contrasts with the defensive put-heavy option positioning, and the low squeeze score (28) suggests limited short-covering fuel.
Seeking Alpha · 10/01
HubSpot co-founder sells 8,500 shares for $2.1 million after 52% one-year decline
The insider sale reinforces the defensive positioning in options (put-heavy), though the modest sale size (2% of holdings) suggests measured rather than panicked trimming.
The Motley Fool · 09/27
See it live, free
Get Undercurrent — the news behind the money →Add HUBS to My Watchlist in the free SIGNUM HQ app (iPhone · Android) →New to this? Why'd It Move? turns today's move into a 60-second lesson →What is a “divergence”?
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
How to read these numbers
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
Nearby tickers
Today’s off-exchange leaders → · See all tickers →Today’s rankings — what broke from normal
Learn the numbers