Investors with a lot of money to spend have taken a bullish stance on Reddit RDDT.
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 these are institutions or just wealthy individuals, we don't know. But when something this big happens with RDDT, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 27 uncommon options trades for Reddit.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 44%, bearish.
Out of all of the special options we uncovered, 7 are puts, for a total amount of $459,682, and 20 are calls, for a total amount of $2,377,580.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $70.0 to $170.0 for Reddit over the recent 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 Reddit's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Reddit's significant trades, within a strike price range of $70.0 to $170.0, over the past month.
Reddit Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | SWEEP | NEUTRAL | 11/15/24 | $9.35 | $8.0 | $8.0 | $115.00 | $320.0K | 1.4K | 431 |
| RDDT | CALL | TRADE | NEUTRAL | 11/15/24 | $39.8 | $37.9 | $38.95 | $82.50 | $303.8K | 1.2K | 500 |
| RDDT | CALL | TRADE | BULLISH | 11/15/24 | $39.05 | $38.7 | $39.05 | $82.50 | $281.1K | 1.2K | 351 |
| RDDT | CALL | TRADE | BEARISH | 11/15/24 | $41.05 | $39.25 | $39.6 | $82.50 | $269.2K | 1.2K | 154 |
| RDDT | CALL | SWEEP | BEARISH | 11/15/24 | $41.2 | $39.65 | $39.65 | $82.50 | $250.0K | 1.2K | 86 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
Current Position of Reddit
- With a trading volume of 2,033,883, the price of RDDT is up by 6.44%, reaching $116.06.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 139 days from now.
Expert Opinions on Reddit
5 market experts have recently issued ratings for this stock, with a consensus target price of $99.6.
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. * Maintaining their stance, an analyst from Loop Capital continues to hold a Buy rating for Reddit, targeting a price of $90. * Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Reddit, targeting a price of $85. * An analyst from Needham persists with their Buy rating on Reddit, maintaining a target price of $120. * An analyst from JMP Securities persists with their Market Outperform rating on Reddit, maintaining a target price of $118. * An analyst from Bernstein has decided to maintain their Underperform rating on Reddit, which currently sits at a price target of $85.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Reddit with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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