A whale with a lot of money to spend has taken a noticeably bearish stance on Snap.
Looking at options history for Snap (NYSE:SNAP) we detected 43 strange trades.
If we consider the specifics of each trade, it is accurate to state that 39% of the investors opened trades with bullish expectations and 60% with bearish.
From the overall spotted trades, 16 are puts, for a total amount of $697,274 and 27, calls, for a total amount of $2,722,153.
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 $20.0 to $60.0 for Snap over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $20.0 to $60.0 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 | TRADE | BULLISH | 01/20/23 | $50.00 | $1.1M | 35.9K | 2.0K |
| SNAP | CALL | SWEEP | BEARISH | 09/16/22 | $50.00 | $198.4K | 5.5K | 618 |
| SNAP | PUT | SWEEP | BULLISH | 09/16/22 | $33.00 | $177.9K | 548 | 1.1K |
| SNAP | CALL | TRADE | BEARISH | 02/11/22 | $25.00 | $159.6K | 1.3K | 114 |
| SNAP | CALL | TRADE | BEARISH | 01/19/24 | $50.00 | $93.0K | 3.4K | 115 |
Where Is Snap Standing Right Now?
- With a volume of 21,511,950, the price of SNAP is up 0.37% at $40.77.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 69 days.
What The Experts Say On Snap:
- JMP Securities has decided to maintain their Market Outperform rating on Snap, which currently sits at a price target of $65.
- Rosenblatt has decided to maintain their Buy rating on Snap, which currently sits at a price target of $50.
- Keybanc has decided to maintain their Overweight rating on Snap, which currently sits at a price target of $36.
- Credit Suisse has decided to maintain their Outperform rating on Snap, which currently sits at a price target of $81.
- Stifel downgraded its action to Buy with a price target of $45
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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.
