Deep-pocketed investors have adopted a bearish approach towards Snowflake SNOW, 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 SNOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 27% leaning bullish and 63% bearish. Among these notable options, 7 are puts, totaling $368,151, and 4 are calls, amounting to $209,165.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $100.0 and $155.0 for Snowflake, spanning the last three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Snowflake stands at 594.2, with a total volume reaching 1,967.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snowflake, situated within the strike price corridor from $100.0 to $155.0, throughout the last 30 days.
Snowflake 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | PUT | TRADE | BEARISH | 03/21/25 | $11.05 | $9.9 | $10.7 | $100.00 | $117.7K | 1.7K | 110 |
| SNOW | CALL | SWEEP | BEARISH | 10/18/24 | $2.87 | $2.66 | $2.87 | $155.00 | $70.0K | 274 | 414 |
| SNOW | PUT | SWEEP | BULLISH | 08/09/24 | $2.65 | $2.63 | $2.63 | $119.00 | $53.3K | 352 | 216 |
| SNOW | PUT | TRADE | BEARISH | 08/09/24 | $2.09 | $1.07 | $2.09 | $114.00 | $52.2K | 349 | 250 |
| SNOW | CALL | TRADE | BULLISH | 08/30/24 | $10.0 | $9.7 | $10.0 | $120.00 | $50.0K | 35 | 65 |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
Following our analysis of the options activities associated with Snowflake, we pivot to a closer look at the company's own performance.
Present Market Standing of Snowflake
- With a trading volume of 674,564, the price of SNOW is up by 4.06%, reaching $119.48.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 14 days from now.
Expert Opinions on Snowflake
In the last month, 1 experts released ratings on this stock with an average target price of $165.0.
- An analyst from Piper Sandler has decided to maintain their Overweight rating on Snowflake, which currently sits at a price target of $165.
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 Snowflake with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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