Deep-pocketed investors have adopted a bullish 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 49 extraordinary options activities for Reddit. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 32% bearish. Among these notable options, 15 are puts, totaling $1,253,666, and 34 are calls, amounting to $1,603,502.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $70.0 to $105.0 for Reddit during the past quarter.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $70.0 to $105.0 in the last 30 days.
Reddit Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | PUT | SWEEP | BEARISH | 11/01/24 | $3.25 | $3.15 | $3.25 | $78.00 | $231.0K | 309 | 141 |
| RDDT | PUT | TRADE | BULLISH | 11/15/24 | $3.65 | $3.1 | $3.2 | $75.00 | $182.4K | 908 | 572 |
| RDDT | PUT | SWEEP | BEARISH | 11/01/24 | $3.4 | $3.3 | $3.4 | $78.00 | $170.0K | 309 | 2.5K |
| RDDT | PUT | SWEEP | BEARISH | 11/01/24 | $3.25 | $3.1 | $3.2 | $78.00 | $156.1K | 309 | 1.5K |
| RDDT | CALL | TRADE | BEARISH | 01/17/25 | $4.95 | $4.8 | $4.8 | $95.00 | $143.5K | 607 | 373 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
After a thorough review of the options trading surrounding Reddit, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Reddit
- Currently trading with a volume of 2,105,705, the RDDT's price is up by 0.07%, now at $81.42.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 1 days.
Professional Analyst Ratings for Reddit
5 market experts have recently issued ratings for this stock, with a consensus target price of $84.8.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from Loop Capital keeps a Buy rating on Reddit with a target price of $90. * Consistent in their evaluation, an analyst from Goldman Sachs keeps a Neutral rating on Reddit with a target price of $68. * An analyst from Jefferies downgraded its action to Buy with a price target of $90. * An analyst from Roth MKM persists with their Buy rating on Reddit, maintaining a target price of $89. * An analyst from B. Riley Securities persists with their Buy rating on Reddit, maintaining a target price of $87.
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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