Looking At Snowflake's Recent Unusual Options Activity

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 22 uncommon options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 22% bullish and 77%, bearish.

Out of all of the special options we uncovered, 17 are puts, for a total amount of $1,586,497, and 5 are calls, for a total amount of $277,775.

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 $90.0 to $250.0 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 $90.0 to $250.0 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 SWEEP BEARISH 01/19/24 $250.00 $652.6K 439 50
SNOW CALL TRADE NEUTRAL 01/19/24 $130.00 $153.2K 239 50
SNOW PUT SWEEP NEUTRAL 03/17/23 $135.00 $145.2K 1.2K 88
SNOW PUT SWEEP BEARISH 07/21/23 $90.00 $123.3K 260 212
SNOW PUT TRADE BEARISH 01/19/24 $250.00 $103.2K 439 58

Where Is Snowflake Standing Right Now?

  • With a volume of 1,744,712, the price of SNOW is up 0.58% at $122.27.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 54 days.

What The Experts Say On Snowflake:

  • Wedbush downgraded its action to Neutral with a price target of $144
  • Wells Fargo downgraded its action to Overweight with a price target of $170

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.

Market News and Data brought to you by Benzinga APIs
Date of Trade
ticker
Put/Call
Strike Price
DTE
Sentiment
Posted In: OptionsMarketsBZI-UOA
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