Deep-pocketed investors have adopted a bullish approach towards Snap SNAP, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SNAP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Snap. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 8 are puts, totaling $610,888, and 4 are calls, amounting to $215,560.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $15.0 to $17.0 for Snap during the past quarter.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Snap options trades today is 6500.57 with a total volume of 25,569.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Snap's big money trades within a strike price range of $15.0 to $17.0 over the last 30 days.
Snap 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNAP | PUT | SWEEP | BULLISH | 02/16/24 | $15.00 | $294.7K | 9.8K | 3.6K |
| SNAP | CALL | TRADE | BULLISH | 04/19/24 | $15.00 | $78.0K | 7.7K | 10 |
| SNAP | PUT | SWEEP | BULLISH | 02/16/24 | $15.00 | $73.6K | 9.8K | 809 |
| SNAP | CALL | SWEEP | BEARISH | 04/19/24 | $16.00 | $66.7K | 941 | 315 |
| SNAP | PUT | TRADE | BULLISH | 02/16/24 | $15.00 | $66.1K | 9.8K | 3.9K |
About Snap
Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. Snap generates nearly all its revenue from advertising with 70% coming from North America. The firm is headquartered in Venice, California.
Following our analysis of the options activities associated with Snap, we pivot to a closer look at the company's own performance.
Current Position of Snap
- With a trading volume of 1,716,942, the price of SNAP is down by -2.79%, reaching $16.55.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 42 days from now.
Professional Analyst Ratings for Snap
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $20.333333333333332.
- In a positive move, an analyst from Jefferies has upgraded their rating to Buy and adjusted the price target to $16.
- An analyst from Wells Fargo upgraded its action to Overweight with a price target of $22.
- In a positive move, an analyst from Guggenheim has upgraded their rating to Buy and adjusted the price target to $23.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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