Whales with a lot of money to spend have taken a noticeably bearish stance on Snowflake.
Looking at options history for Snowflake SNOW we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 45% of the investors opened trades with bullish expectations and 54% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $104,512 and 9, calls, for a total amount of $706,019.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $185.0 and $222.5 for Snowflake, spanning the last three months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Snowflake's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Snowflake's significant trades, within a strike price range of $185.0 to $222.5, over the past month.
Snowflake Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BULLISH | 02/23/24 | $200.00 | $176.2K | 703 | 0 |
| SNOW | CALL | TRADE | BEARISH | 03/01/24 | $200.00 | $145.1K | 643 | 166 |
| SNOW | CALL | SWEEP | BEARISH | 02/23/24 | $200.00 | $126.1K | 703 | 0 |
| SNOW | CALL | TRADE | NEUTRAL | 03/08/24 | $200.00 | $87.4K | 57 | 0 |
| SNOW | PUT | SWEEP | BEARISH | 02/23/24 | $217.50 | $77.5K | 993 | 137 |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
In light of the recent options history for Snowflake, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Snowflake
- With a volume of 520,973, the price of SNOW is down -3.17% at $213.11.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 7 days.
What The Experts Say On Snowflake
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $238.0.
- Reflecting concerns, an analyst from HSBC lowers its rating to Hold with a new price target of $214.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Snowflake with a target price of $250.
- Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Snowflake, targeting a price of $265.
- An analyst from Raymond James has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $223.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Snowflake with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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