Snap's Options: A Look at What the Big Money is Thinking

High-rolling investors have positioned themselves bullish on Snap SNAP, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in SNAP often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 11 options trades for Snap. This is not a typical pattern.

The sentiment among these major traders is split, with 63% bullish and 36% bearish. Among all the options we identified, there was one put, amounting to $51,500, and 10 calls, totaling $949,490.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $5.0 to $15.0 for Snap over the recent three months.

Volume & Open Interest Development

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 $5.0 to $15.0 in the last 30 days.

Snap 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

After a thorough review of the options trading surrounding Snap, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Snap

• With a trading volume of 8,749,623, the price of SNAP is down by -0.6%, reaching $10.62.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 19 days from now.

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 $11.0.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Wells Fargo persists with their Overweight rating on Snap, maintaining a target price of $14. * An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $8. * Reflecting concerns, an analyst from B. Riley Securities lowers its rating to Neutral with a new price target of $11. * An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $8. * Consistent in their evaluation, an analyst from Deutsche Bank keeps a Buy rating on Snap with a target price of $14.

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.