Benzinga | Sep 21, 2021 02:23PM EDT

Follow The Smart Money, Looking Into Snap's Biggest Options Trades For Today

Someone with a lot of money to spend (and possibly insider knowledge) has taken an unusually bullish stance on (Snap: SNAP).

And retail traders should know.

Looking at options activity for Snap (NYSE:SNAP) we detected 42 unusual trades. If we consider the specifics of each trade, it is accurate to state that 57.14% of the investors opened trades with bullish expectations and 42.86% with bearish. From the overall spotted trades, 5 are puts, for a total amount of $771,420 and 37, calls, for a total amount of $2,808,922.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that the smart money is targeting a price range from $50.0 to $82.0 for Snap in the over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the total open interest for Snap big money options trades today is 95,524 with a total volume of 165,388.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Snap's big money trades within a strike price range of $50.0 to $82.0 over the last 30 days.

Snap Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestSNAP CALL SWEEP BULLISH 10/15/ $80.00 $63.6K 24.6K 7.7K 21SNAP CALL SWEEP BULLISH 09/24/ $75.00 $200.3K 6.8K 11.0K 21SNAP CALL TRADE NEUTRAL 09/24/ $75.00 $182.9K 6.8K 10.0K 21SNAP CALL TRADE NEUTRAL 10/15/ $80.00 $76.4K 24.6K 4.7K 21SNAP CALL TRADE BULLISH 10/15/ $80.00 $42.4K 24.6K 7.4K 21

Where Is Snap Standing Right Now?

* With a volume of 8,952,672, the price of SNAP is up 5.35% over the last 24 hours at $75.57.

* RSI indicators hint that the underlying stock may be approaching overbought.

* Next earnings are expected to be released in 28 days.

What The Experts Say On Snap:

* Arete Research upgraded its action to Buy with a price target of $83.0

* Goldman Sachs downgraded its action to Buy with a price target of $90.0

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.