Investors with a lot of money to spend have taken a bearish stance on Snap SNAP.
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 SNAP, 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 9 uncommon options trades for Snap.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 55%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $150,027, and 5 are calls, for a total amount of $187,710.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $12.0 to $22.0 for Snap over the last 3 months.
Insights into Volume & Open Interest
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 Snap'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 Snap's whale activity within a strike price range from $12.0 to $22.0 in the last 30 days.
Snap 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BEARISH | 02/16/24 | $15.00 | $50.0K | 8.6K | 415 |
| SNAP | CALL | SWEEP | BULLISH | 06/21/24 | $22.00 | $49.1K | 11.7K | 427 |
| SNAP | CALL | SWEEP | BEARISH | 01/05/24 | $15.50 | $39.2K | 5.4K | 2.0K |
| SNAP | CALL | SWEEP | BULLISH | 01/12/24 | $16.50 | $37.2K | 997 | 2.0K |
| SNAP | PUT | SWEEP | BEARISH | 02/16/24 | $14.00 | $37.0K | 7.7K | 526 |
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.
Present Market Standing of Snap
- With a volume of 7,761,905, the price of SNAP is up 2.5% at $16.18.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 26 days.
What Analysts Are Saying About Snap
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $22.5.
- Showing optimism, an analyst from Wells Fargo upgrades its rating to Overweight with a revised price target of $22.
- Showing optimism, an analyst from Guggenheim upgrades its rating to Buy with a revised price target of $23.
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 Snap, 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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