Deep-pocketed investors have adopted a bearish approach towards Snap SNAP, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SNAP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 42% leaning bullish and 57% bearish. Among these notable options, 8 are puts, totaling $511,149, and 6 are calls, amounting to $207,483.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $7.0 and $22.0 for Snap, 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 Snap's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Snap's significant trades, within a strike price range of $7.0 to $22.0, over the past month.
Snap 30-Day Option Volume & Interest Snapshot
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 | 08/16/24 | $1.45 | $1.44 | $1.45 | $16.00 | $217.9K | 7.5K | 1.5K |
| SNAP | PUT | SWEEP | BEARISH | 08/16/24 | $5.25 | $5.15 | $5.2 | $21.00 | $75.4K | 172 | 221 |
| SNAP | PUT | TRADE | BEARISH | 10/18/24 | $6.15 | $6.05 | $6.15 | $22.00 | $57.1K | 417 | 0 |
| SNAP | CALL | SWEEP | BULLISH | 12/20/24 | $4.65 | $4.6 | $4.65 | $13.00 | $53.4K | 626 | 1 |
| SNAP | PUT | SWEEP | BEARISH | 10/18/24 | $5.4 | $5.3 | $5.4 | $21.00 | $45.3K | 256 | 0 |
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.
Having examined the options trading patterns of Snap, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Snap Standing Right Now?
- With a trading volume of 9,162,916, the price of SNAP is up by 0.46%, reaching $16.25.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 17 days from now.
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 Snap with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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