Snap Options Trading: A Deep Dive into Market Sentiment

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 23 extraordinary options activities for Snap. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 60% leaning bullish and 30% bearish. Among these notable options, 3 are puts, totaling $135,090, and 20 are calls, amounting to $1,403,746.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $17.0 for Snap over the last 3 months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Snap’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Snap’s substantial trades, within a strike price spectrum from $10.0 to $17.0 over the preceding 30 days.

Snap Option Activity Analysis: Last 30 Days

Biggest Options Spotted:

About Snap

Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.

Having examined the options trading patterns of Snap, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Snap Standing Right Now?

• Trading volume stands at 16,736,651, with SNAP’s price down by -1.72%, positioned at $10.31.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 8 days.

What Analysts Are Saying About Snap

In the last month, 4 experts released ratings on this stock with an average target price of $10.25.

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* Maintaining their stance, an analyst from Stifel continues to hold a Hold rating for Snap, targeting a price of $11.
* Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Neutral with a new price target of $8.
* In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Neutral, setting a price target of $8.
* Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Snap with a target price of $14.

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.