Behind the Scenes of Snap's Latest Options Trends
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a bearish sentiment towards Snap Inc. (NYSE:SNAP), with a significant move in options trading detected by Benzinga's options scanner. The data reveals 52 unusual options activities, with a bearish majority of 69% and bullish minority of 26%. Notable trades include both puts and calls with strike prices ranging from $8.5 to $30. Significant trading activity suggests expectations for Snap's stock price movement within this range over the next three months. Snap, known for its social networking app Snapchat, has over 400 million daily active users and derives most of its revenue from advertising. Despite the bearish options sentiment, Snap's stock is currently neutral with an RSI indicator and is expected to release its next earnings in 1 day. Analysts have recently adjusted their ratings and price targets for SNAP, with an average target price of $13.
April 24, 2024 | 8:16 pm
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NEGATIVE IMPACT
Significant bearish options activity detected for Snap, with a notable volume of trades suggesting investor anticipation of price movements within $8.5 to $30 range. Analysts have recently adjusted their ratings and price targets, reflecting a cautious outlook.
The bearish sentiment among deep-pocketed investors, as indicated by the options trading activity, suggests a potential downside risk for SNAP's stock price in the short term. The significant volume of bearish options, combined with recent analyst downgrades and adjustments in price targets, underscores the cautious outlook for Snap. This analysis is further supported by the anticipation of Snap's earnings release, which could introduce volatility and influence the stock's price direction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100