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 8 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 62% leaning bullish and 25% bearish. Among these notable options, 3 are puts, totaling $227,975, and 5 are calls, amounting to $226,768.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $6.5 to $17.0 for Snap during the past quarter.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $6.5 to $17.0 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 | PUT | SWEEP | BULLISH | 08/16/24 | $1.61 | $1.57 | $1.57 | $15.00 | $157.0K | 39.8K | 1.0K |
| SNAP | CALL | SWEEP | BEARISH | 06/14/24 | $0.69 | $0.68 | $0.69 | $15.00 | $70.8K | 577 | 883 |
| SNAP | CALL | SWEEP | BULLISH | 06/14/24 | $0.69 | $0.65 | $0.69 | $15.00 | $60.3K | 577 | 883 |
| SNAP | CALL | SWEEP | BEARISH | 10/18/24 | $3.6 | $3.5 | $3.5 | $13.00 | $43.7K | 597 | 126 |
| SNAP | PUT | SWEEP | BULLISH | 06/20/25 | $4.35 | $4.25 | $4.25 | $17.00 | $35.7K | 464 | 85 |
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.
Current Position of Snap
- With a volume of 2,707,375, the price of SNAP is up 1.17% at $15.2.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 50 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Snap options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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