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 20 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 20% leaning bullish and 65% bearish. Among these notable options, 11 are puts, totaling $470,691, and 9 are calls, amounting to $1,219,453.
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 $90.0 to $230.0 for Snowflake over the last 3 months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 1413.58 with a total volume of 11,719.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Snowflake's big money trades within a strike price range of $90.0 to $230.0 over the last 30 days.
Snowflake 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BEARISH | 09/13/24 | $22.7 | $22.1 | $22.1 | $90.00 | $442.0K | 1 | 200 |
| SNOW | CALL | TRADE | BULLISH | 09/06/24 | $22.0 | $21.55 | $22.0 | $90.00 | $220.0K | 321 | 0 |
| SNOW | CALL | TRADE | BEARISH | 09/13/24 | $19.0 | $18.35 | $18.6 | $90.00 | $204.6K | 1 | 200 |
| SNOW | CALL | TRADE | NEUTRAL | 09/13/24 | $1.24 | $1.04 | $1.14 | $115.00 | $150.2K | 925 | 1.3K |
| SNOW | PUT | SWEEP | BEARISH | 10/18/24 | $1.71 | $1.62 | $1.71 | $95.00 | $106.8K | 4.0K | 633 |
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.
After a thorough review of the options trading surrounding Snowflake, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Snowflake's Current Market Status
- With a trading volume of 2,416,966, the price of SNOW is up by 0.37%, reaching $112.16.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 82 days from now.
What The Experts Say On Snowflake
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $171.6.
- An analyst from Piper Sandler has decided to maintain their Overweight rating on Snowflake, which currently sits at a price target of $165.
- An analyst from Rosenblatt has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $180.
- An analyst from Stifel has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $168.
- Maintaining their stance, an analyst from Baird continues to hold a Outperform rating for Snowflake, targeting a price of $165.
- An analyst from TD Cowen persists with their Buy rating on Snowflake, maintaining a target price of $180.
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 Snowflake 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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