Whales with a lot of money to spend have taken a noticeably bullish stance on Reddit.
Looking at options history for Reddit RDDT we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 40% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $183,127 and 6, calls, for a total amount of $691,510.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $55.0 to $140.0 for Reddit during the past quarter.
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 Reddit'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 Reddit's whale activity within a strike price range from $55.0 to $140.0 in the last 30 days.
Reddit Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BEARISH | 01/17/25 | $72.9 | $71.3 | $71.3 | $57.50 | $406.4K | 235 | 1 |
| RDDT | CALL | SWEEP | BEARISH | 01/17/25 | $17.4 | $17.1 | $17.17 | $120.00 | $85.8K | 3.8K | 77 |
| RDDT | CALL | TRADE | BULLISH | 01/17/25 | $74.0 | $73.0 | $74.0 | $55.00 | $74.0K | 577 | 90 |
| RDDT | PUT | SWEEP | BULLISH | 11/15/24 | $0.74 | $0.7 | $0.74 | $122.00 | $62.0K | 970 | 842 |
| RDDT | CALL | TRADE | BEARISH | 11/15/24 | $49.1 | $48.0 | $48.0 | $80.00 | $48.0K | 9.5K | 10 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
After a thorough review of the options trading surrounding Reddit, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Reddit
- Trading volume stands at 1,605,670, with RDDT's price down by -0.86%, positioned at $128.12.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 133 days.
Professional Analyst Ratings for Reddit
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $108.8.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Reddit with a target price of $120. * An analyst from JMP Securities has decided to maintain their Market Outperform rating on Reddit, which currently sits at a price target of $118. * Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Reddit with a target price of $120. * Maintaining their stance, an analyst from B of A Securities continues to hold a Neutral rating for Reddit, targeting a price of $99. * Maintaining their stance, an analyst from B. Riley Securities continues to hold a Buy rating for Reddit, targeting a price of $87.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Reddit with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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