This Is What Whales Are Betting On Snap

Deep-pocketed investors have adopted a bearish 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 17 extraordinary options activities for Snap. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 35% leaning bullish and 64% bearish. Among these notable options, 6 are puts, totaling $305,672, and 11 are calls, amounting to $563,765.

Expected Price Movements

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 $22.0 for Snap during the past quarter.

Insights into Volume & Open Interest

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 $22.0 in the last 30 days.

Snap Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
SNAP CALL SWEEP BULLISH 12/20/24 $2.42 $2.31 $2.4 $20.00 $119.3K 728 500
SNAP CALL SWEEP BULLISH 12/20/24 $2.75 $2.62 $2.74 $19.00 $81.9K 37 300
SNAP CALL SWEEP BULLISH 05/17/24 $4.1 $4.05 $4.05 $13.00 $68.4K 89.3K 202
SNAP PUT SWEEP BEARISH 08/16/24 $2.72 $2.67 $2.71 $18.00 $66.3K 533 70
SNAP PUT SWEEP BEARISH 09/20/24 $4.25 $4.2 $4.25 $20.00 $65.8K 393 0

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.

Snap's Current Market Status

  • Currently trading with a volume of 13,581,911, the SNAP's price is down by -0.24%, now at $16.8.
  • RSI readings suggest the stock is currently may be overbought.
  • Anticipated earnings release is in 77 days.

What The Experts Say On Snap

In the last month, 5 experts released ratings on this stock with an average target price of $13.6.

  • Maintaining their stance, an analyst from Evercore ISI Group continues to hold a In-Line rating for Snap, targeting a price of $14.
  • Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Snap with a target price of $14.
  • An analyst from Morgan Stanley has decided to maintain their Underweight rating on Snap, which currently sits at a price target of $12.
  • An analyst from Truist Securities has decided to maintain their Hold rating on Snap, which currently sits at a price target of $16.
  • An analyst from Stifel persists with their Hold rating on Snap, maintaining a target price of $12.

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 Snap options trades with real-time alerts from Benzinga Pro.

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