Deep-pocketed investors have adopted a bearish 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 9 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 44% bearish. Among these notable options, 2 are puts, totaling $96,959, and 7 are calls, amounting to $652,779.
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 $5.0 to $15.0 for Snap during the past quarter.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Snap's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Snap's substantial trades, within a strike price spectrum from $5.0 to $15.0 over the preceding 30 days.
Snap Option Activity Analysis: 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | CALL | TRADE | BEARISH | 11/15/24 | $0.88 | $0.85 | $0.86 | $10.00 | $288.1K | 5.3K | 3.6K |
| SNAP | CALL | TRADE | BEARISH | 11/15/24 | $0.92 | $0.9 | $0.9 | $10.00 | $166.5K | 5.3K | 6.5K |
| SNAP | CALL | TRADE | NEUTRAL | 11/15/24 | $0.88 | $0.86 | $0.87 | $10.00 | $87.0K | 5.3K | 4.6K |
| SNAP | PUT | SWEEP | BEARISH | 06/20/25 | $1.32 | $1.3 | $1.32 | $8.00 | $48.7K | 2.4K | 869 |
| SNAP | PUT | SWEEP | BEARISH | 09/27/24 | $0.63 | $0.61 | $0.61 | $9.50 | $48.2K | 1.2K | 1.1K |
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.
Having examined the options trading patterns of Snap, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Snap Standing Right Now?
- Trading volume stands at 9,665,102, with SNAP's price down by -3.71%, positioned at $9.15.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 55 days.
What Analysts Are Saying About Snap
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $13.0.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Snap, targeting a price of $13.
- An analyst from Goldman Sachs has decided to maintain their Neutral rating on Snap, which currently sits at a price target of $12.
- In a cautious move, an analyst from Piper Sandler downgraded its rating to Neutral, setting a price target of $12.
- An analyst from Barclays persists with their Overweight rating on Snap, maintaining a target price of $16.
- Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Snap, targeting a price 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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