This Is What Whales Are Betting On Snap

Deep-pocketed investors have adopted a bullish approach towards Snap (NYSE: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 17 extraordinary options activities for Snap. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 76% leaning bullish and 11% bearish. Among these notable options, 12 are puts, totaling $1,398,395, and 5 are calls, amounting to $286,651.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $6.5 to $21.0 for Snap over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $6.5 to $21.0 in the last 30 days.

Snap 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
SNAP PUT SWEEP BULLISH 08/16/24 $1.75 $1.72 $1.72 $15.00 $426.9K 34.3K 5.1K
SNAP PUT SWEEP BULLISH 08/16/24 $1.74 $1.71 $1.72 $15.00 $206.7K 34.3K 6.7K
SNAP PUT SWEEP BULLISH 10/18/24 $6.3 $6.2 $6.2 $21.00 $184.7K 1 0
SNAP PUT SWEEP BULLISH 08/16/24 $1.74 $1.71 $1.72 $15.00 $137.7K 34.3K 2.2K
SNAP CALL TRADE BULLISH 07/12/24 $1.06 $1.01 $1.05 $14.50 $105.0K 10 0

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.

Following our analysis of the options activities associated with Snap, we pivot to a closer look at the company's own performance.

Where Is Snap Standing Right Now? With a trading volume of 10,348,077, the price of SNAP is down by -3.17%, reaching $14.84. Current RSI values indicate that the stock is is currently neutral between overbought and oversold. Next earnings report is scheduled for 49 days from now.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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