Deep-pocketed investors have adopted a bullish approach towards Reddit RDDT, 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 RDDT usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Reddit. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 58% leaning bullish and 16% bearish. Among these notable options, 4 are puts, totaling $186,319, and 8 are calls, amounting to $638,240.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $30.0 to $105.0 for Reddit during the past quarter.
Insights into Volume & Open Interest
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 $30.0 to $105.0 in the last 30 days.
Reddit 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BEARISH | 01/16/26 | $38.9 | $37.5 | $37.5 | $30.00 | $187.5K | 396 | 50 |
| RDDT | CALL | TRADE | NEUTRAL | 08/02/24 | $1.62 | $1.24 | $1.46 | $67.00 | $160.6K | 100 | 1.2K |
| RDDT | CALL | TRADE | BULLISH | 01/17/25 | $11.7 | $9.5 | $11.7 | $72.50 | $117.0K | 414 | 105 |
| RDDT | PUT | SWEEP | BULLISH | 10/18/24 | $45.45 | $45.3 | $45.41 | $105.00 | $99.9K | 0 | 22 |
| RDDT | CALL | TRADE | BULLISH | 01/17/25 | $17.0 | $15.9 | $16.68 | $55.00 | $50.0K | 129 | 31 |
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
Present Market Standing of Reddit
- With a trading volume of 1,461,824, the price of RDDT is up by 0.31%, reaching $62.25.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 11 days from now.
Professional Analyst Ratings for Reddit
5 market experts have recently issued ratings for this stock, with a consensus target price of $68.6.
- An analyst from JMP Securities has decided to maintain their Market Outperform rating on Reddit, which currently sits at a price target of $84.
- An analyst from Bernstein persists with their Underperform rating on Reddit, maintaining a target price of $50.
- An analyst from Roth MKM persists with their Buy rating on Reddit, maintaining a target price of $67.
- An analyst from JP Morgan persists with their Neutral rating on Reddit, maintaining a target price of $67.
- Maintaining their stance, an analyst from Loop Capital continues to hold a Buy rating for Reddit, targeting a price of $75.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Reddit options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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