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On CNBC's "Options Action," Mike Khouw spoke about unusually high options activity in Snap Inc (NYSE:SNAP). The company is going to report earnings on Tuesday after the market closes.
Khouw said options traders are betting the rally in Snap could continue as call options outnumbered puts 4 to 1 on Monday. He added that the stock moves quite sharply on earnings. It has averaged nearly 17% over the last eight quarters and this week it's implying a move of 14% in either direction.
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One of the bullish bets during the session on Monday was a purchase of 1,365 contracts of the Aug. 15 calls for $0.84, said Khouw. The trade breaks even at $15.84 or 12% above the closing price on Monday.
Snap's stock traded higher by 1.8% to $14.40 at time of publication.
Related Links:
Stifel Upgrades Snap Ahead Of Earnings
Option Traders Betting Snap Strength Will Continue
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.