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 10 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 60% leaning bullish and 40% bearish. Among these notable options, 3 are puts, totaling $308,018, and 7 are calls, amounting to $357,089.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $9.0 to $17.0 for Snap over the recent three months.
Volume & Open Interest Trends
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 $9.0 to $17.0 in the last 30 days.
Snap 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BEARISH | 07/19/24 | $4.05 | $3.95 | $4.05 | $15.00 | $121.5K | 1.5K | 0 |
| SNAP | PUT | SWEEP | BEARISH | 07/19/24 | $4.05 | $4.0 | $4.05 | $15.00 | $95.5K | 1.5K | 539 |
| SNAP | PUT | SWEEP | BEARISH | 01/17/25 | $2.78 | $2.74 | $2.78 | $12.00 | $90.9K | 10.1K | 327 |
| SNAP | CALL | SWEEP | BULLISH | 01/17/25 | $1.23 | $1.2 | $1.23 | $17.00 | $71.5K | 12.5K | 586 |
| SNAP | CALL | TRADE | BULLISH | 04/19/24 | $2.24 | $2.24 | $2.24 | $9.00 | $67.2K | 1.1K | 300 |
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.
In light of the recent options history for Snap, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Snap
- Trading volume stands at 3,419,486, with SNAP's price down by -0.17%, positioned at $11.46.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 24 days.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Snap, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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