Trade Options Like A Pro — Check Snap's Big Money Trades

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

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don’t know. But when something this big happens with SNAP, it often means somebody knows something is about to happen.

So how do we know what the Smart Money just did?

Today, Benzinga‘s options scanner spotted 19 uncommon options trades for Snap.

This isn’t normal.

The overall sentiment of these big-money traders is split between 36.84% bullish and 63.16%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $218,452, and 14 are calls, for a total amount of $3,558,796.

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 $70.0 to $90.0 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 80,780 with a total volume of 61,595.

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 $70.0 to $90.0 over the last 30 days.

Snap Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
SNAP CALL SWEEP BULLISH 10/22/21 $80.00 $897.2K 2.5K 2.7K
SNAP CALL TRADE BEARISH 11/12/21 $84.00 $420.0K 210 1.2K
SNAP CALL SWEEP BEARISH 10/15/21 $75.00 $349.2K 32.5K 5.9K
SNAP CALL TRADE BULLISH 10/29/21 $90.00 $348.6K 309 2.6K
SNAP CALL SWEEP BEARISH 10/15/21 $75.00 $325.1K 32.5K 3.7K

Where Is Snap Standing Right Now?

  • With a volume of 6,858,803, the price of SNAP is up 5.5% over the last 24 hours at $77.15.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 14 days.

What The Experts Say On Snap:

  • Goldman Sachs downgraded its action to Buy with a price target of $90.0
  • RBC Capital downgraded its action to Outperform with a price target of $88.0

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.