Whales with a lot of money to spend have taken a noticeably bearish stance on Reddit.
Looking at options history for Reddit RDDT we detected 16 trades.
If we consider the specifics of each trade, it is accurate to state that 43% of the investors opened trades with bullish expectations and 56% with bearish.
From the overall spotted trades, 9 are puts, for a total amount of $935,241 and 7, calls, for a total amount of $257,618.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $77.5 for Reddit over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Reddit's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Reddit's whale activity within a strike price range from $40.0 to $77.5 in the last 30 days.
Reddit Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | PUT | SWEEP | BEARISH | 08/09/24 | $5.35 | $5.1 | $5.35 | $62.00 | $240.7K | 2.0K | 1.4K |
| RDDT | PUT | SWEEP | BEARISH | 08/09/24 | $5.25 | $5.15 | $5.15 | $62.00 | $159.1K | 2.0K | 991 |
| RDDT | PUT | SWEEP | BEARISH | 08/09/24 | $5.6 | $5.4 | $5.55 | $62.00 | $158.7K | 2.0K | 1.4K |
| RDDT | PUT | SWEEP | BEARISH | 08/09/24 | $4.95 | $4.55 | $4.9 | $62.00 | $130.8K | 2.0K | 286 |
| RDDT | PUT | SWEEP | BEARISH | 08/09/24 | $6.05 | $5.75 | $6.05 | $62.00 | $93.1K | 2.0K | 1.8K |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
Having examined the options trading patterns of Reddit, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Reddit
- With a volume of 1,718,318, the price of RDDT is down -7.19% at $62.96.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 13 days.
What The Experts Say On Reddit
In the last month, 5 experts released ratings on this stock with an average target price of $70.8.
- An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Reddit, which currently sits at a price target of $70.
- An analyst from Loop Capital persists with their Buy rating on Reddit, maintaining a target price of $75.
- Maintaining their stance, an analyst from Bernstein continues to hold a Underperform rating for Reddit, targeting a price of $50.
- An analyst from JMP Securities persists with their Market Outperform rating on Reddit, maintaining a target price of $84.
- Reflecting concerns, an analyst from Loop Capital lowers its rating to Hold with a new price target of $75.
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.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
