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 9 uncommon options trades for Snowflake.
This isn't normal.
The overall sentiment of these big-money traders is split between 22% bullish and 55%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $169,750, and 5 are calls, for a total amount of $1,390,930.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $90.0 and $200.0 for Snowflake, spanning the last three months.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Snowflake's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Snowflake's substantial trades, within a strike price spectrum from $90.0 to $200.0 over the preceding 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | TRADE | BEARISH | 06/21/24 | $11.05 | $10.9 | $10.91 | $165.00 | $1.0M | 3.6K | 1.0K |
| SNOW | CALL | SWEEP | NEUTRAL | 05/24/24 | $5.45 | $5.4 | $5.4 | $170.00 | $116.6K | 4.1K | 256 |
| SNOW | CALL | TRADE | BEARISH | 06/21/24 | $2.39 | $2.24 | $2.24 | $200.00 | $89.6K | 6.8K | 428 |
| SNOW | PUT | TRADE | BEARISH | 01/17/25 | $6.35 | $6.15 | $6.29 | $120.00 | $62.9K | 1.6K | 100 |
| SNOW | CALL | SWEEP | BULLISH | 06/21/24 | $5.5 | $5.25 | $5.46 | $180.00 | $54.6K | 4.2K | 110 |
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.
Present Market Standing of Snowflake
- Currently trading with a volume of 796,576, the SNOW's price is down by -0.59%, now at $163.8.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 1 days.
What The Experts Say On Snowflake
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $218.33333333333334.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Snowflake, targeting a price of $220.
- An analyst from JMP Securities downgraded its action to Market Outperform with a price target of $235.
- An analyst from B of A Securities persists with their Neutral rating on Snowflake, maintaining a target price of $200.
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 Snowflake, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
