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 34 extraordinary options activities for Reddit. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 41% leaning bullish and 35% bearish. Among these notable options, 9 are puts, totaling $656,288, and 25 are calls, amounting to $9,834,796.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $100.0 to $270.0 for Reddit over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Reddit stands at 1078.64, with a total volume reaching 2,324.00. 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 $100.0 to $270.0, throughout the last 30 days.
Reddit 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BULLISH | 01/17/25 | $18.75 | $16.5 | $18.0 | $170.00 | $7.2M | 5.4K | 9 |
| RDDT | CALL | TRADE | BEARISH | 01/17/25 | $12.4 | $10.65 | $11.2 | $180.00 | $1.1M | 2.1K | 1.0K |
| RDDT | CALL | TRADE | NEUTRAL | 01/17/25 | $9.65 | $8.4 | $9.1 | $185.00 | $455.0K | 1.4K | 28 |
| RDDT | PUT | TRADE | BULLISH | 01/17/25 | $0.82 | $0.29 | $0.45 | $145.00 | $180.0K | 4.1K | 4 |
| RDDT | CALL | SWEEP | BULLISH | 01/17/25 | $21.55 | $20.65 | $21.55 | $167.50 | $107.7K | 933 | 172 |
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.
Where Is Reddit Standing Right Now?
- With a trading volume of 1,241,380, the price of RDDT is up by 3.34%, reaching $183.69.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 78 days from now.
Expert Opinions on Reddit
5 market experts have recently issued ratings for this stock, with a consensus target price of $191.2.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Needham persists with their Buy rating on Reddit, maintaining a target price of $190. * Consistent in their evaluation, an analyst from Baird keeps a Neutral rating on Reddit with a target price of $160. * In a positive move, an analyst from Morgan Stanley has upgraded their rating to Overweight and adjusted the price target to $200. * An analyst from Wells Fargo has revised its rating downward to Overweight, adjusting the price target to $206. * Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for Reddit, targeting a price of $200.
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.
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