Investors with a lot of money to spend have taken a bullish stance on Reddit RDDT.
And retail traders should know.
We noticed this today when the positions 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 RDDT, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Reddit.
This isn't normal.
The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $58,450, and 7, calls, for a total amount of $285,053.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $50.0 to $80.0 for Reddit during the past quarter.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Reddit's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Reddit's substantial trades, within a strike price spectrum from $50.0 to $80.0 over the preceding 30 days.
Reddit Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | SWEEP | BULLISH | 01/16/26 | $30.4 | $28.35 | $30.14 | $50.00 | $61.6K | 167 | 0 |
| RDDT | PUT | SWEEP | BEARISH | 08/02/24 | $3.5 | $3.3 | $3.5 | $65.50 | $58.4K | 7 | 33 |
| RDDT | CALL | SWEEP | BULLISH | 01/17/25 | $10.15 | $10.05 | $10.15 | $80.00 | $52.7K | 912 | 58 |
| RDDT | CALL | TRADE | BULLISH | 09/20/24 | $8.2 | $8.05 | $8.2 | $72.50 | $40.9K | 1.1K | 54 |
| RDDT | CALL | TRADE | BEARISH | 09/20/24 | $8.25 | $7.75 | $7.75 | $72.50 | $38.7K | 1.1K | 4 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
Reddit's Current Market Status
- With a trading volume of 1,104,405, the price of RDDT is up by 0.88%, reaching $66.5.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 18 days from now.
Expert Opinions on Reddit
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $75.25.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on Reddit with a target price of $67.
- Consistent in their evaluation, an analyst from Loop Capital keeps a Buy rating on Reddit with a target price of $75.
- Consistent in their evaluation, an analyst from JMP Securities keeps a Market Outperform rating on Reddit with a target price of $84.
- An analyst from Loop Capital has revised its rating downward to Hold, adjusting the price target to $75.
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 Reddit options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
