Financial giants have made a conspicuous bullish move on Reddit. Our analysis of options history for Reddit RDDT revealed 13 unusual trades.
Delving into the details, we found 61% of traders were bullish, while 15% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $62,900, and 11 were calls, valued at $863,225.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $75.0 for Reddit during the past quarter.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Reddit's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Reddit's significant trades, within a strike price range of $40.0 to $75.0, over the past month.
Reddit Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BULLISH | 07/19/24 | $15.0 | $13.9 | $15.0 | $45.00 | $300.0K | 515 | 404 |
| RDDT | CALL | TRADE | BULLISH | 07/19/24 | $16.5 | $16.5 | $16.5 | $45.00 | $165.0K | 515 | 3 |
| RDDT | CALL | TRADE | BULLISH | 07/19/24 | $16.0 | $16.0 | $16.0 | $45.00 | $112.0K | 515 | 203 |
| RDDT | CALL | SWEEP | BEARISH | 07/19/24 | $17.45 | $16.5 | $16.5 | $45.00 | $49.5K | 515 | 133 |
| RDDT | CALL | TRADE | NEUTRAL | 06/21/24 | $10.65 | $8.0 | $9.34 | $55.00 | $46.7K | 556 | 0 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
Following our analysis of the options activities associated with Reddit, we pivot to a closer look at the company's own performance.
Where Is Reddit Standing Right Now?
- With a volume of 947,990, the price of RDDT is down -6.92% at $58.02.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 102 days.
What The Experts Say On Reddit
5 market experts have recently issued ratings for this stock, with a consensus target price of $54.4.
- Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Reddit, targeting a price of $63.
- Consistent in their evaluation, an analyst from Bernstein keeps a Underperform rating on Reddit with a target price of $45.
- Consistent in their evaluation, an analyst from Goldman Sachs keeps a Neutral rating on Reddit with a target price of $55.
- An analyst from B of A Securities has revised its rating downward to Neutral, adjusting the price target to $46.
- An analyst from JMP Securities has decided to maintain their Market Outperform rating on Reddit, which currently sits at a price target of $63.
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 Reddit with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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