Check Out What Whales Are Doing With SNOW

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 29 uncommon options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.

Out of all of the special options we uncovered, 18 are puts, for a total amount of $2,148,296, and 11 are calls, for a total amount of $490,630.

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 $120.0 to $215.0 for Snowflake 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 Snowflake'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 Snowflake's whale trades within a strike price range from $120.0 to $215.0 in 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 PUT TRADE BULLISH 07/21/23 $145.00 $715.0K 360 250
SNOW PUT SWEEP BEARISH 02/17/23 $145.00 $549.4K 1.2K 345
SNOW PUT SWEEP BEARISH 05/19/23 $140.00 $203.7K 219 97
SNOW PUT SWEEP BULLISH 12/09/22 $140.00 $98.3K 495 844
SNOW PUT SWEEP BEARISH 01/20/23 $140.00 $84.7K 1.7K 89

Where Is Snowflake Standing Right Now?

  • With a volume of 5,064,040, the price of SNOW is down -8.09% at $137.63.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 86 days.

What The Experts Say On Snowflake:

  • Needham has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $165.
  • Credit Suisse has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $200.
  • JP Morgan has decided to maintain their Overweight rating on Snowflake, which currently sits at a price target of $180.
  • UBS has decided to maintain their Neutral rating on Snowflake, which currently sits at a price target of $140.
  • Mizuho has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $185.

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