Smart Money Is Betting Big In RDDT Options

Financial giants have made a conspicuous bearish move on Reddit. Our analysis of options history for Reddit RDDT revealed 24 unusual trades.

Delving into the details, we found 20% of traders were bullish, while 54% showed bearish tendencies. Out of all the trades we spotted, 8 were puts, with a value of $644,003, and 16 were calls, valued at $1,175,327.

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 $90.0 and $220.0 for Reddit, spanning the last three months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Reddit's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Reddit's substantial trades, within a strike price spectrum from $90.0 to $220.0 over the preceding 30 days.

Reddit 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Reddit

Reddit Inc is engaged in providing internet content. The company provides online human connections to communities, endless conversation, sports, business, crypto, television, and others. It generates a majority of revenue through the sale of advertising on mobile applications and websites. Other revenue consists of revenue from content licensing, Reddit Premium subscriptions, and products within the user economy.

Reddit's Current Market Status

• Currently trading with a volume of 1,472,072, the RDDT's price is down by -3.26%, now at $145.81.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 79 days.

What Analysts Are Saying About Reddit

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $207.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Morgan Stanley has decided to maintain their Overweight rating on Reddit, which currently sits at a price target of $210. * Maintaining their stance, an analyst from JMP Securities continues to hold a Market Outperform rating for Reddit, targeting a price of $200. * Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on Reddit with a target price of $185. * An analyst from Raymond James has decided to maintain their Strong Buy rating on Reddit, which currently sits at a price target of $250. * An analyst from B of A Securities has decided to maintain their Neutral rating on Reddit, which currently sits at a price target of $190.

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.