Investors with a lot of money to spend have taken a bearish stance on Snap SNAP.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with SNAP, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for Snap.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 66%, bearish.
Out of all of the options we uncovered, 8 are puts, for a total amount of $317,154, and there was 1 call, for a total amount of $45,262.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $8.0 and $11.0 for Snap, spanning the last three months.
Volume & Open Interest Trends
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 $8.0 to $11.0, over the past month.
Snap Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BULLISH | 01/17/25 | $2.32 | $2.3 | $2.3 | $11.00 | $115.0K | 999 | 500 |
| SNAP | CALL | TRADE | BULLISH | 10/18/24 | $0.53 | $0.51 | $0.53 | $10.00 | $45.2K | 7.3K | 1.1K |
| SNAP | PUT | SWEEP | BEARISH | 12/20/24 | $1.59 | $1.55 | $1.59 | $10.00 | $31.9K | 1.1K | 400 |
| SNAP | PUT | SWEEP | BEARISH | 12/20/24 | $1.59 | $1.57 | $1.59 | $10.00 | $31.8K | 1.1K | 200 |
| SNAP | PUT | TRADE | BULLISH | 06/18/26 | $3.25 | $3.1 | $3.14 | $10.00 | $31.4K | 1.6K | 47 |
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.
Following our analysis of the options activities associated with Snap, we pivot to a closer look at the company's own performance.
Current Position of Snap
- With a trading volume of 6,982,335, the price of SNAP is up by 0.38%, reaching $9.27.
- Current RSI values indicate that the stock is may be oversold.
- Next earnings report is scheduled for 64 days from now.
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 Snap 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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