Deep-pocketed investors have adopted a bullish approach towards Snap 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 12 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 75% leaning bullish and 25% bearish. Among these notable options, 4 are puts, totaling $279,801, and 8 are calls, amounting to $3,744,524.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $17.0 for Snap during the past quarter.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $10.0 to $17.0 in the last 30 days.
Snap 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | CALL | TRADE | BEARISH | 05/17/24 | $0.45 | $0.44 | $0.44 | $15.00 | $3.4M | 92.8K | 77.5K |
| SNAP | PUT | SWEEP | BEARISH | 05/17/24 | $1.59 | $1.57 | $1.59 | $12.00 | $159.1K | 10.4K | 1.0K |
| SNAP | CALL | SWEEP | BULLISH | 05/17/24 | $0.85 | $0.83 | $0.85 | $13.00 | $85.0K | 22.1K | 1.1K |
| SNAP | CALL | SWEEP | BULLISH | 05/17/24 | $1.17 | $1.15 | $1.16 | $12.00 | $59.0K | 15.1K | 1.0K |
| SNAP | CALL | SWEEP | BULLISH | 05/17/24 | $1.16 | $1.15 | $1.16 | $12.00 | $56.9K | 15.1K | 28 |
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.
Where Is Snap Standing Right Now?
- With a volume of 10,453,495, the price of SNAP is down -0.79% at $11.36.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 28 days.
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 Snap with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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