Whales with a lot of money to spend have taken a noticeably bullish stance on Reddit.
Looking at options history for Reddit RDDT we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 37% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $203,057 and 4, calls, for a total amount of $182,165.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $42.5 to $95.0 for Reddit over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $42.5 to $95.0 in the last 30 days.
Reddit 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | PUT | SWEEP | BULLISH | 01/17/25 | $3.75 | $3.6 | $3.6 | $47.50 | $105.8K | 142 | 295 |
| RDDT | CALL | TRADE | BULLISH | 10/18/24 | $10.85 | $10.4 | $10.85 | $50.00 | $65.1K | 657 | 0 |
| RDDT | CALL | SWEEP | BULLISH | 01/17/25 | $9.4 | $9.0 | $9.0 | $60.00 | $45.0K | 660 | 50 |
| RDDT | CALL | SWEEP | NEUTRAL | 09/06/24 | $1.71 | $1.51 | $1.71 | $60.00 | $42.7K | 582 | 202 |
| RDDT | PUT | TRADE | BEARISH | 01/16/26 | $8.4 | $7.25 | $8.2 | $42.50 | $40.9K | 303 | 0 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
Following our analysis of the options activities associated with Reddit, we pivot to a closer look at the company's own performance.
Current Position of Reddit
- Trading volume stands at 1,683,215, with RDDT's price up by 1.86%, positioned at $59.84.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 87 days.
Professional Analyst Ratings for Reddit
In the last month, 5 experts released ratings on this stock with an average target price of $67.4.
- An analyst from JP Morgan has decided to maintain their Neutral rating on Reddit, which currently sits at a price target of $59.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Reddit with a target price of $70.
- In a cautious move, an analyst from Cannonball Research downgraded its rating to Buy, setting a price target of $67.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $75.
- An analyst from Roth MKM persists with their Buy rating on Reddit, maintaining a target price of $66.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Reddit, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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