Snap Option Alert: Fri $16 Calls Sweep (24) near the Ask: 1315 @ $0.43 vs 5369 OI; Ref=$12.46
Portfolio Pulse from Charles Gross
A significant number of Snap Inc.'s $16 call options expiring on Friday were purchased near the ask price. The volume of these options was 1315, compared to an open interest of 5369. The reference price was $12.46.
July 25, 2023 | 5:14 pm
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The purchase of a large volume of Snap's call options indicates bullish sentiment among investors, which could potentially drive the stock price up in the short term.
The purchase of call options is a bullish move, indicating that investors expect the price of the underlying stock to rise. In this case, the significant volume of Snap's call options bought could suggest that investors are anticipating a rise in Snap's stock price. This could potentially drive the stock price up in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100