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, 4 are puts, totaling $326,927, and 7 are calls, amounting to $480,276.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $13.0 and $22.0 for Snap, spanning the last three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Snap stands at 3744.14, with a total volume reaching 9,763.00. 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 $13.0 to $22.0, throughout the last 30 days.
Snap 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BULLISH | 05/16/25 | $22.00 | $150.9K | 21 | 197 |
| SNAP | CALL | SWEEP | BULLISH | 08/16/24 | $21.00 | $122.9K | 65 | 694 |
| SNAP | CALL | TRADE | BULLISH | 08/16/24 | $22.00 | $113.7K | 119 | 734 |
| SNAP | PUT | SWEEP | BULLISH | 05/16/25 | $22.00 | $79.3K | 21 | 300 |
| SNAP | CALL | SWEEP | BULLISH | 08/16/24 | $22.00 | $69.3K | 119 | 1.1K |
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?
- Currently trading with a volume of 3,452,721, the SNAP's price is down by -2.49%, now at $16.06.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 6 days.
Professional Analyst Ratings for Snap
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $17.2.
- Consistent in their evaluation, an analyst from Stifel keeps a Hold rating on Snap with a target price of $14.
- An analyst from Piper Sandler has decided to maintain their Neutral rating on Snap, which currently sits at a price target of $17.
- An analyst from Deutsche Bank has elevated its stance to Buy, setting a new price target at $19.
- An analyst from BMO Capital has revised its rating downward to Outperform, adjusting the price target to $22.
- Consistent in their evaluation, an analyst from Roth MKM keeps a Neutral rating on Snap with a target price of $14.
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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