Check Out What Whales Are Doing With SNOW

Someone with a lot of money to spend has taken a bearish stance on Snowflake SNOW.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with SNOW, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 36 uncommon options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 47% bullish and 52%, bearish.

Out of all of the special options we uncovered, 11 are puts, for a total amount of $521,031, and 25 are calls, for a total amount of $1,795,337.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $110.0 to $200.0 for Snowflake over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 715.46 with a total volume of 9,139.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Snowflake's big money trades within a strike price range of $110.0 to $200.0 over the last 30 days.

Snowflake Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNOW CALL TRADE NEUTRAL 08/19/22 $120.00 $171.0K 2.6K 130
SNOW CALL TRADE BEARISH 07/01/22 $140.00 $141.0K 1.2K 303
SNOW CALL TRADE BULLISH 08/19/22 $115.00 $136.8K 155 40
SNOW PUT TRADE BEARISH 08/19/22 $135.00 $115.0K 761 145
SNOW CALL SWEEP BEARISH 07/01/22 $140.00 $104.8K 1.2K 596

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNOW CALL TRADE NEUTRAL 08/19/22 $120.00 $171.0K 2.6K 130
SNOW CALL TRADE BEARISH 07/01/22 $140.00 $141.0K 1.2K 303
SNOW CALL TRADE BULLISH 08/19/22 $115.00 $136.8K 155 40
SNOW PUT TRADE BEARISH 08/19/22 $135.00 $115.0K 761 145
SNOW CALL SWEEP BEARISH 07/01/22 $140.00 $104.8K 1.2K 596

Where Is Snowflake Standing Right Now?

  • With a volume of 9,245,219, the price of SNOW is down -2.94% at $143.8.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 57 days.

What The Experts Say On Snowflake:

  • Raymond James downgraded its action to Outperform with a price target of $184
  • JP Morgan upgraded its action to Overweight with a price target of $165
  • Jefferies upgraded its action to Buy with a price target of $200
  • Canaccord Genuity upgraded its action to Buy with a price target of $185
  • JP Morgan has decided to maintain their Neutral rating on Snowflake, which currently sits at a price target of $165.

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 Snowflake, Benzinga Pro gives you real-time options trades alerts.

Posted In: BZI-UOAOptionsMarkets

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