Benzinga | Oct 18, 2021 12:56PM EDT

Snap Whale Trades Spotted

A whale with a lot of money to spend (and possibly insider knowledge) has taken a noticeably bearish stance on Snap.

Looking at options history for Snap(NYSE:SNAP) we detected 34 strange trades.

If we consider the specifics of each trade, it is accurate to state that 29.41% of the investors opened trades with bullish expectations and 70.59% with bearish.

From the overall spotted trades, 11 are puts, for a total amount of $779,558 and 23, calls, for a total amount of $5,272,854.

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 $60.0 to $85.0 for Snap over the last 3 months.

Volume & Open Interest Development

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 $60.0 to $85.0 in 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 BEARISH 01/21/ $75.00 $770.0K 15.7K 2.2K 22SNAP CALL TRADE BEARISH 06/17/ $80.00 $460.0K 3.4K 434 22SNAP CALL SWEEP BULLISH 01/21/ $60.00 $441.4K 9.0K 259 22SNAP CALL SWEEP BEARISH 10/22/ $75.00 $415.0K 1.0K 2.9K 21SNAP CALL SWEEP BULLISH 01/21/ $75.00 $396.2K 15.7K 2.9K 22

Where Is Snap Standing Right Now?

* With a volume of 19,843,576, the price of SNAP is down -3.59% at $74.56.

* RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

* Next earnings are expected to be released in 3 days.

What The Experts Say On Snap:

* RBC Capital downgraded its action to Outperform with a price target of $88.0

* Credit Suisse has decided to maintain their Outperform rating on Snap, which currently sits at a price target of $111.0.

* Keybanc has decided to maintain their Overweight rating on Snap, which currently sits at 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.