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Looking At Snap’s Recent Unusual Options Activity

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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 58% leaning bullish and 41% bearish. Among these notable options, 6 are puts, totaling $460,825, and 6 are calls, amounting to $251,970.

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 $9.0 to $20.0 for Snap over the last 3 months.

Analyzing Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Snap’s options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Snap’s significant trades, within a strike price range of $9.0 to $20.0, over the past month.

Snap Call and Put Volume: 30-Day Overview

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Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNAP PUT SWEEP BULLISH 07/19/24 $15.00 $136.5K 1.1K 301
SNAP PUT SWEEP BULLISH 07/19/24 $15.00 $116.4K 1.1K 348
SNAP PUT SWEEP BULLISH 08/16/24 $13.00 $94.1K 3.6K 300
SNAP CALL SWEEP BEARISH 09/20/24 $9.00 $72.5K 19 256
SNAP CALL SWEEP BULLISH 06/21/24 $15.00 $58.5K 12.4K 59

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.

After a thorough review of the options trading surrounding Snap, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Snap Standing Right Now?

  • Trading volume stands at 8,592,482, with SNAP’s price up by 0.28%, positioned at $10.76.
  • RSI indicators show the stock to be may be oversold.
  • Earnings announcement expected in 62 days.

What The Experts Say On Snap

5 market experts have recently issued ratings for this stock, with a consensus target price of $13.8.

  • Maintaining their stance, an analyst from RBC Capital continues to hold a Sector Perform rating for Snap, targeting a price of $13.
  • An analyst from Deutsche Bank upgraded its action to Buy with a price target of $19.
  • Consistent in their evaluation, an analyst from Morgan Stanley keeps a Underweight rating on Snap with a target price of $11.
  • An analyst from Roth MKM persists with their Neutral rating on Snap, maintaining a target price of $14.
  • Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Snap, targeting a price of $12.

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 Snap with Benzinga Pro for real-time alerts.

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