Looking At Snowflake's Recent Unusual Options Activity
Portfolio Pulse from Benzinga Insights
Recent unusual options activity in Snowflake (NYSE:SNOW) indicates a split sentiment among big-money traders, with 50% bullish and 50% bearish. A total of 8 options trades were spotted, including 1 put and 7 calls, targeting a price range from $130.0 to $340.0. The largest trades include bullish calls with strike prices at $130 and $340, and a bearish put at $155. Snowflake, a data warehousing company, has seen its stock price drop by -3.1% to $158.6, with an RSI indicating it may be approaching overbought. Analysts have a mixed outlook, with an average target price of $185 and a recent downgrade by Keybanc to Overweight.
May 07, 2024 | 2:16 pm
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Snowflake's unusual options activity, with a split sentiment among traders and significant trades targeting a wide price range, may indicate volatility. The stock's recent price drop and mixed analyst outlook could influence short-term performance.
The unusual options activity, with a balanced mix of bullish and bearish sentiments, suggests uncertainty and potential volatility in Snowflake's stock price. The recent price drop and analyst downgrade to Overweight with a target price of $185, combined with the approaching earnings release, could contribute to short-term fluctuations. However, the significant interest in options, both calls and puts, indicates that investors are preparing for movements in both directions, making the short-term impact on the stock price uncertain.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100