This Is What Whales Are Betting On Snap

This Is What Whales Are Betting On Snap

Someone with a lot of money to spend has taken a bullish stance on Snap SNAP.

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 SNAP, 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 10 uncommon options trades for Snap.

This isn't normal.

The overall sentiment of these big-money traders is split between 60% bullish and 40%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $220,104, and 3 are calls, for a total amount of $112,880.

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 $9.5 to $20.0 for Snap over the last 3 months.

Volume & Open Interest Development

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 $9.5 to $20.0 in the last 30 days.

Snap 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
SNAP CALL SWEEP BULLISH 09/15/23 $10.00 $56.0K 32 160
SNAP PUT SWEEP BULLISH 06/16/23 $13.00 $41.6K 914 222
SNAP PUT SWEEP BEARISH 12/30/22 $9.50 $35.7K 21 4.1K
SNAP PUT TRADE BULLISH 01/20/23 $20.00 $32.5K 4.2K 138
SNAP PUT TRADE NEUTRAL 01/20/23 $20.00 $32.5K 4.2K 103

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNAP CALL SWEEP BULLISH 09/15/23 $10.00 $56.0K 32 160
SNAP PUT SWEEP BULLISH 06/16/23 $13.00 $41.6K 914 222
SNAP PUT SWEEP BEARISH 12/30/22 $9.50 $35.7K 21 4.1K
SNAP PUT TRADE BULLISH 01/20/23 $20.00 $32.5K 4.2K 138
SNAP PUT TRADE NEUTRAL 01/20/23 $20.00 $32.5K 4.2K 103

Where Is Snap Standing Right Now?

  • With a volume of 6,913,657, the price of SNAP is down -3.3% at $10.71.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 77 days.

What The Experts Say On Snap:

  • Jefferies has decided to maintain their Buy rating on Snap, which currently sits at a price target of $12.
  • JP Morgan has decided to maintain their Underweight rating on Snap, which currently sits at a price target of $8.
  • Morgan Stanley has decided to maintain their Underweight rating on Snap, which currently sits at a price target of $7.
  • Rosenblatt has decided to maintain their Neutral rating on Snap, which currently sits at a price target of $8.
  • Barclays has decided to maintain their Overweight rating on Snap, which currently sits at a price target of $18.

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

Posted In: BZI-UOAOptionsMarkets