Investors with a lot of money to spend have taken a bearish stance on Snowflake SNOW.
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 SNOW, 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 30 uncommon options trades for Snowflake.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $328,475, and 24 are calls, for a total amount of $2,378,849.
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 $115.0 to $340.0 for Snowflake over the last 3 months.
Volume & Open Interest Development
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 Snowflake'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 Snowflake's whale activity within a strike price range from $115.0 to $340.0 in the last 30 days.
Snowflake Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BULLISH | 04/19/24 | $6.0 | $5.8 | $6.0 | $162.50 | $332.9K | 1.7K | 58 |
| SNOW | CALL | SWEEP | BEARISH | 06/21/24 | $15.9 | $15.8 | $15.8 | $160.00 | $276.5K | 3.8K | 220 |
| SNOW | CALL | TRADE | BULLISH | 09/20/24 | $23.3 | $22.75 | $23.32 | $160.00 | $233.2K | 427 | 313 |
| SNOW | CALL | TRADE | BULLISH | 09/20/24 | $22.8 | $22.8 | $22.8 | $160.00 | $228.0K | 427 | 101 |
| SNOW | CALL | SWEEP | BEARISH | 06/21/24 | $4.25 | $4.2 | $4.2 | $200.00 | $165.9K | 8.1K | 1.2K |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
Current Position of Snowflake
- With a trading volume of 2,858,769, the price of SNOW is up by 0.25%, reaching $162.0.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 51 days from now.
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 Snowflake with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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