Investors with a lot of money to spend have taken a bullish stance on Snap SNAP.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SNAP, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 44 uncommon options trades for Snap.
This isn't normal.
The overall sentiment of these big-money traders is split between 65% bullish and 29%, bearish.
Out of all of the special options we uncovered, 10 are puts, for a total amount of $1,704,089, and 34 are calls, for a total amount of $2,369,217.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $9.0 to $35.0 for Snap during the past quarter.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Snap stands at 11765.52, with a total volume reaching 154,421.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snap, situated within the strike price corridor from $9.0 to $35.0, throughout the last 30 days.
Snap Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BULLISH | 01/17/25 | $9.15 | $9.1 | $9.1 | $20.00 | $1.1M | 7.1K | 0 |
| SNAP | CALL | TRADE | BEARISH | 05/17/24 | $0.66 | $0.65 | $0.65 | $13.00 | $247.0K | 65.1K | 12.8K |
| SNAP | CALL | SWEEP | BULLISH | 01/17/25 | $1.7 | $1.66 | $1.7 | $15.00 | $170.0K | 31.9K | 2.0K |
| SNAP | CALL | TRADE | BULLISH | 03/21/25 | $0.87 | $0.82 | $0.87 | $22.00 | $163.7K | 9.8K | 1.8K |
| SNAP | CALL | SWEEP | BULLISH | 05/10/24 | $0.74 | $0.73 | $0.73 | $13.00 | $137.2K | 5.4K | 6 |
About Snap
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
Current Position of Snap
- Trading volume stands at 16,285,498, with SNAP's price down by -0.49%, positioned at $11.11.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 3 days.
Professional Analyst Ratings for Snap
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $12.5.
- An analyst from Stifel persists with their Hold rating on Snap, maintaining a target price of $12.
- An analyst from UBS persists with their Neutral rating on Snap, maintaining a target price of $13.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Snap, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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