Deep-pocketed investors have adopted a bearish 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 8 extraordinary options activities for Reddit. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 50% bearish. Among these notable options, 2 are puts, totaling $60,082, and 6 are calls, amounting to $404,200.
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 $40.0 and $105.0 for Reddit, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Reddit stands at 522.5, with a total volume reaching 922.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Reddit, situated within the strike price corridor from $40.0 to $105.0, throughout 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 | CALL | TRADE | BEARISH | 01/17/25 | $8.25 | $7.5 | $7.8 | $65.00 | $195.0K | 1.4K | 251 |
| RDDT | CALL | TRADE | BULLISH | 10/18/24 | $21.0 | $19.55 | $21.0 | $40.00 | $84.0K | 155 | 0 |
| RDDT | CALL | TRADE | BULLISH | 09/20/24 | $21.0 | $20.15 | $21.0 | $40.00 | $42.0K | 58 | 0 |
| RDDT | PUT | TRADE | NEUTRAL | 11/15/24 | $45.6 | $42.75 | $44.15 | $105.00 | $30.9K | 9 | 7 |
| RDDT | CALL | TRADE | BULLISH | 10/18/24 | $3.0 | $2.87 | $3.0 | $65.00 | $30.0K | 1.2K | 9 |
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
- Currently trading with a volume of 1,536,703, the RDDT's price is up by 0.9%, now at $60.41.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 74 days.
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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