This Is What Whales Are Betting On Snowflake

This Is What Whales Are Betting On Snowflake

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 17 uncommon options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 23% bullish and 76%, bearish.

Out of all of the special options we uncovered, 10 are puts, for a total amount of $397,253, and 7 are calls, for a total amount of $443,410.

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 $170.0 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 616.43 with a total volume of 1,591.00.

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 $170.0 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 SWEEP NEUTRAL 11/18/22 $200.00 $140.0K 579 100
SNOW PUT SWEEP NEUTRAL 11/18/22 $170.00 $71.5K 433 66
SNOW CALL TRADE BEARISH 10/07/22 $180.00 $66.5K 72 57
SNOW CALL SWEEP BULLISH 09/23/22 $195.00 $60.3K 822 12
SNOW PUT TRADE NEUTRAL 01/20/23 $185.00 $55.0K 499 20

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNOW CALL SWEEP NEUTRAL 11/18/22 $200.00 $140.0K 579 100
SNOW PUT SWEEP NEUTRAL 11/18/22 $170.00 $71.5K 433 66
SNOW CALL TRADE BEARISH 10/07/22 $180.00 $66.5K 72 57
SNOW CALL SWEEP BULLISH 09/23/22 $195.00 $60.3K 822 12
SNOW PUT TRADE NEUTRAL 01/20/23 $185.00 $55.0K 499 20

Where Is Snowflake Standing Right Now?

  • With a volume of 2,640,527, the price of SNOW is down -1.79% at $181.37.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 72 days.

What The Experts Say On Snowflake:

  • Piper Sandler has decided to maintain their Overweight rating on Snowflake, which currently sits at a price target of $220.
  • Canaccord Genuity has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $200.
  • Raymond James has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $197.
  • Cowen & Co. has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $235.
  • Needham downgraded its action to Buy with a price target of $240

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