Financial giants have made a conspicuous bullish move on Reddit. Our analysis of options history for Reddit RDDT revealed 8 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $96,437, and 5 were calls, valued at $208,978.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $65.0 for Reddit during the past quarter.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Reddit stands at 454.75, with a total volume reaching 1,552.00. 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 $40.0 to $65.0, throughout the last 30 days.
Reddit Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RDDT | CALL | TRADE | BEARISH | 08/16/24 | $6.3 | $5.0 | $5.4 | $65.00 | $64.8K | 414 | 120 |
| RDDT | CALL | TRADE | BEARISH | 07/19/24 | $3.95 | $3.55 | $3.65 | $65.00 | $43.8K | 1.2K | 120 |
| RDDT | CALL | SWEEP | BULLISH | 01/16/26 | $22.35 | $19.6 | $21.41 | $50.00 | $42.7K | 166 | 20 |
| RDDT | PUT | TRADE | BEARISH | 05/24/24 | $2.9 | $2.77 | $2.9 | $57.00 | $35.6K | 420 | 30 |
| RDDT | PUT | SWEEP | BULLISH | 01/17/25 | $5.55 | $4.35 | $4.35 | $40.00 | $34.8K | 439 | 80 |
About Reddit
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
In light of the recent options history for Reddit, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Reddit
- With a volume of 2,852,250, the price of RDDT is down -4.92% at $53.9.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 94 days.
What Analysts Are Saying About 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 $57.8.
- An analyst from Baird persists with their Neutral rating on Reddit, maintaining a target price of $59.
- An analyst from Citigroup persists with their Buy rating on Reddit, maintaining a target price of $65.
- An analyst from Deutsche Bank has decided to maintain their Buy rating on Reddit, which currently sits at a price target of $65.
- An analyst from Goldman Sachs persists with their Neutral rating on Reddit, maintaining a target price of $55.
- Maintaining their stance, an analyst from Bernstein continues to hold a Underperform rating for Reddit, targeting a price of $45.
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 Reddit with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
