Deep-pocketed investors have adopted a bearish approach towards Snowflake SNOW, 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 SNOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 18 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 6 are puts, totaling $282,126, and 12 are calls, amounting to $790,539.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $165.0 and $250.0 for Snowflake, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 441.7 with a total volume of 2,990.00.
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 $165.0 to $250.0 over the last 30 days.
Snowflake 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BULLISH | 03/15/24 | $165.00 | $187.8K | 482 | 193 |
| SNOW | CALL | SWEEP | BULLISH | 01/05/24 | $197.50 | $100.0K | 91 | 0 |
| SNOW | CALL | TRADE | BULLISH | 01/05/24 | $197.50 | $97.7K | 91 | 304 |
| SNOW | PUT | SWEEP | BEARISH | 12/29/23 | $200.00 | $96.0K | 709 | 13 |
| SNOW | PUT | TRADE | BEARISH | 12/29/23 | $200.00 | $75.0K | 709 | 213 |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
In light of the recent options history for Snowflake, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Snowflake
- With a volume of 915,254, the price of SNOW is up 0.31% at $197.4.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 68 days.
What The Experts Say On Snowflake
5 market experts have recently issued ratings for this stock, with a consensus target price of $223.0.
- An analyst from Stifel persists with their Buy rating on Snowflake, maintaining a target price of $235.
- An analyst from TD Cowen persists with their Outperform rating on Snowflake, maintaining a target price of $230.
- Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Snowflake, targeting a price of $230.
- An analyst from Wells Fargo persists with their Overweight rating on Snowflake, maintaining a target price of $210.
- Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Snowflake, targeting a price of $210.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Snowflake with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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