Deep-pocketed investors have adopted a bearish approach towards Snap (NYSE: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 44% leaning bullish and 55% bearish. Among these notable options, 2 are puts, totaling $52,886, and 7 are calls, amounting to $254,780.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $6.0 to $16.0 for Snap over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Snap stands at 5178.5, with a total volume reaching 2,329.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snap, situated within the strike price corridor from $6.0 to $16.0, throughout the last 30 days.
Snap 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SNAP | CALL | SWEEP | BEARISH | 12/20/24 | $4.55 | $4.5 | $4.55 | $12.00 | $80.9K | 452 | 183 |
SNAP | CALL | SWEEP | BEARISH | 12/20/24 | $4.1 | $4.05 | $4.05 | $13.00 | $34.4K | 507 | 87 |
SNAP | CALL | SWEEP | BULLISH | 07/19/24 | $0.62 | $0.56 | $0.62 | $16.00 | $30.0K | 13.6K | 504 |
SNAP | CALL | SWEEP | BEARISH | 12/20/24 | $4.1 | $4.0 | $4.05 | $13.00 | $29.1K | 507 | 132 |
SNAP | CALL | TRADE | BULLISH | 06/14/24 | $9.2 | $9.1 | $9.2 | $6.00 | $27.6K | 121 | 210 |
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.
Where Is Snap Standing Right Now?
With a volume of 7,258,575, the price of SNAP is down -0.26% at $15.15.
RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
Next earnings are expected to be released in 42 days.
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.