Deep-pocketed investors have adopted a bearish approach towards Snowflake SNOW, 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 SNOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 19 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 52% bearish. Among these notable options, 8 are puts, totaling $1,159,623, and 11 are calls, amounting to $361,524.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $100.0 to $200.0 for Snowflake 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 Snowflake'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 Snowflake's whale activity within a strike price range from $100.0 to $200.0 in the last 30 days.
Snowflake 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | PUT | TRADE | BULLISH | 11/15/24 | $19.55 | $19.1 | $19.15 | $150.00 | $861.7K | 824 | 450 |
| SNOW | PUT | SWEEP | BEARISH | 01/17/25 | $4.85 | $4.75 | $4.85 | $100.00 | $111.5K | 3.9K | 38 |
| SNOW | CALL | SWEEP | BEARISH | 04/26/24 | $1.24 | $1.09 | $1.14 | $162.50 | $43.7K | 154 | 3 |
| SNOW | CALL | SWEEP | BULLISH | 09/20/24 | $21.0 | $20.6 | $20.95 | $150.00 | $41.9K | 642 | 20 |
| SNOW | CALL | TRADE | BEARISH | 09/20/24 | $13.0 | $12.85 | $12.85 | $170.00 | $38.5K | 318 | 32 |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
In light of the recent options history for Snowflake, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Snowflake Standing Right Now?
- With a volume of 1,460,556, the price of SNOW is down -0.37% at $149.75.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 35 days.
What The Experts Say On Snowflake
3 market experts have recently issued ratings for this stock, with a consensus target price of $165.0.
- Showing optimism, an analyst from Rosenblatt upgrades its rating to Buy with a revised price target of $185.
- An analyst from Redburn Atlantic downgraded its action to Sell with a price target of $125.
- An analyst from Keybanc has revised its rating downward to Overweight, adjusting the price target to $185.
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 Snowflake options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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