Benzinga's options scanner has just identified more than 11 option transactions on Reddit RDDT, with a cumulative value of $327,027. Concurrently, our algorithms picked up 6 puts, worth a total of 209,220.
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Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $50.0 for Reddit, spanning the last three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Reddit stands at 423.25, with a total volume reaching 1,448.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Reddit, situated within the strike price corridor from $30.0 to $50.0, throughout the last 30 days.
Reddit Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BEARISH | 01/16/26 | $22.9 | $19.4 | $20.63 | $30.00 | $72.2K | 380 | 0 |
| RDDT | PUT | SWEEP | BULLISH | 07/19/24 | $10.6 | $10.3 | $10.37 | $50.00 | $44.7K | 563 | 224 |
| RDDT | PUT | SWEEP | BULLISH | 07/19/24 | $10.6 | $10.3 | $10.45 | $50.00 | $42.7K | 563 | 181 |
| RDDT | CALL | SWEEP | BULLISH | 06/21/24 | $4.2 | $4.0 | $4.2 | $50.00 | $42.0K | 139 | 364 |
| RDDT | CALL | TRADE | NEUTRAL | 06/21/24 | $4.2 | $4.0 | $4.1 | $50.00 | $40.9K | 139 | 115 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
After a thorough review of the options trading surrounding Reddit, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Reddit Standing Right Now?
- Currently trading with a volume of 933,398, the RDDT's price is up by 5.67%, now at $44.86.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 11 days.
Professional Analyst Ratings for Reddit
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $50.2.
- An analyst from Loop Capital has revised its rating downward to Buy, adjusting the price target to $55.
- In a cautious move, an analyst from B of A Securities downgraded its rating to Neutral, setting a price target of $46.
- In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $53.
- Reflecting concerns, an analyst from JP Morgan lowers its rating to Neutral with a new price target of $47.
- An analyst from Roth MKM downgraded its action to Buy with a price target of $50.
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 Reddit, Benzinga Pro gives you real-time options trades alerts.
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