Investors with a lot of money to spend have taken a bullish 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 23 uncommon options trades for Snap.
This isn't normal.
The overall sentiment of these big-money traders is split between 65% bullish and 34%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $253,626, and 17 are calls, for a total amount of $864,069.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $8.0 to $13.0 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 $8.0 to $13.0 in the last 30 days.
Snap Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | CALL | SWEEP | BULLISH | 01/17/25 | $3.75 | $3.7 | $3.75 | $8.00 | $108.0K | 2.3K | 298 |
| SNAP | CALL | SWEEP | BULLISH | 05/17/24 | $0.43 | $0.41 | $0.43 | $13.00 | $100.7K | 39.6K | 308 |
| SNAP | CALL | SWEEP | BULLISH | 05/17/24 | $0.44 | $0.42 | $0.43 | $13.00 | $98.3K | 39.6K | 6.1K |
| SNAP | PUT | SWEEP | BEARISH | 05/17/24 | $3.1 | $3.0 | $3.1 | $13.00 | $70.6K | 2.5K | 229 |
| SNAP | PUT | SWEEP | BULLISH | 05/17/24 | $1.64 | $1.61 | $1.62 | $11.00 | $62.2K | 9.0K | 31 |
About Snap
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
Following our analysis of the options activities associated with Snap, we pivot to a closer look at the company's own performance.
Present Market Standing of Snap
- Trading volume stands at 19,738,825, with SNAP's price down by -1.35%, positioned at $10.2.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 9 days.
What The Experts Say On 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 $12.5.
- Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Snap with a target price of $13.
- An analyst from Stifel has decided to maintain their Hold rating on Snap, which currently sits at a price target of $12.
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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