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

Financial giants have made a conspicuous bullish move on Reddit. Our analysis of options history for Reddit RDDT revealed 54 unusual trades.

Delving into the details, we found 42% of traders were bullish, while 40% showed bearish tendencies. Out of all the trades we spotted, 36 were puts, with a value of $1,910,800, and 18 were calls, valued at $831,257.

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What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $180.0 for Reddit over the recent three months.

Insights into Volume & Open Interest

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 $50.0 to $180.0 in the last 30 days.

Reddit 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Reddit

Reddit is a social media platform where users can engage in conversations, explore, and create communities centered around their interests. Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit has evolved into a vast network of user-generated content organized into specialized forums known as "subreddits." The platform's unique community-driven model relies on volunteer moderators to manage content and maintain subreddit guidelines. Reddit generates revenue through advertising, Premium Memberships, and data licensing agreements.

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.

Present Market Standing of Reddit

• With a trading volume of 13,488,501, the price of RDDT is down by -8.34%, reaching $96.83.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 76 days from now.

Professional Analyst Ratings for Reddit

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $143.6.

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 Wells Fargo keeps a Overweight rating on Reddit with a target price of $168. * An analyst from Seaport Global has elevated its stance to Buy, setting a new price target at $165. * In a cautious move, an analyst from Wells Fargo downgraded its rating to Equal-Weight, setting a price target of $115. * An analyst from Piper Sandler downgraded its action to Overweight with a price target of $150. * An analyst from Baird has decided to maintain their Neutral rating on Reddit, which currently sits at a price target of $120.

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.