Deep-pocketed investors have adopted a bullish approach towards Snap SNAP, 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 SNAP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 72% leaning bullish and 27% bearish. Among these notable options, 5 are puts, totaling $196,154, and 6 are calls, amounting to $328,015.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $35.0 for Snap during the past quarter.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Snap stands at 5103.57, with a total volume reaching 5,902.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snap, situated within the strike price corridor from $10.0 to $35.0, throughout the last 30 days.
Snap Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNAP | CALL | TRADE | BULLISH | 01/16/26 | $35.00 | $111.6K | 58 | 868 |
| SNAP | PUT | TRADE | BULLISH | 01/17/25 | $22.00 | $55.6K | 770 | 0 |
| SNAP | CALL | SWEEP | BULLISH | 02/16/24 | $20.00 | $55.3K | 5.8K | 6 |
| SNAP | CALL | SWEEP | BULLISH | 01/16/26 | $35.00 | $50.5K | 58 | 618 |
| SNAP | CALL | SWEEP | BULLISH | 01/16/26 | $35.00 | $50.5K | 58 | 368 |
About Snap
Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. Snap generates nearly all its revenue from advertising with 70% coming from North America. The firm is headquartered in Venice, California.
After a thorough review of the options trading surrounding Snap, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Snap Standing Right Now?
- With a trading volume of 3,648,485, the price of SNAP is up by 0.42%, reaching $16.85.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 34 days from now.
What The Experts Say On Snap
3 market experts have recently issued ratings for this stock, with a consensus target price of $20.333333333333332.
- Showing optimism, an analyst from Wells Fargo upgrades its rating to Overweight with a revised price target of $22.
- An analyst from Jefferies has elevated its stance to Buy, setting a new price target at $16.
- An analyst from Guggenheim has elevated its stance to Buy, setting a new price target at $23.
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 Snap with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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