Benzinga | Jan 28, 2022 05:57PM EST

What Are Whales Doing With Snap

A whale with a lot of money to spend has taken a noticeably bearish stance on Snap.

Looking at options history for Snap (NYSE:SNAP) we detected 27 strange trades.

If we consider the specifics of each trade, it is accurate to state that 37% of the investors opened trades with bullish expectations and 62% with bearish.

From the overall spotted trades, 11 are puts, for a total amount of $468,749 and 16, calls, for a total amount of $1,025,402.

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 $25.0 to $75.0 for Snap over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $25.0 to $75.0 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 NEUTRAL 03/18/ $30.00 $232.9K 1.8K 807 22SNAP CALL SWEEP BEARISH 03/18/ $30.00 $172.5K 1.8K 1.6K 22SNAP PUT SWEEP BULLISH 03/18/ $27.00 $109.8K 20.6K 36 22SNAP PUT SWEEP BEARISH 01/20/ $75.00 $90.9K 14.3K 22 23SNAP CALL SWEEP BULLISH 07/15/ $30.00 $81.8K 117 0 22

Where Is Snap Standing Right Now?

* With a volume of 17,799,718, the price of SNAP is up 3.36% at $29.25.

* RSI indicators hint that the underlying stock may be oversold.

* Next earnings are expected to be released in 6 days.

What The Experts Say On Snap:

* Wedbush downgraded its action to Neutral with a price target of $36

* Cowen & Co. downgraded its action to Market Perform with a price target of $45

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.