This Is What Whales Are Betting On Snap
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a bearish sentiment towards Snap Inc. (NYSE:SNAP), as revealed by Benzinga's tracking of public options records. The data indicates a significant level of activity, with 17 extraordinary options activities noted. The sentiment among these investors is divided, with 35% bullish and 64% bearish, focusing on a price window from $10.0 to $22.0 for Snap. The company, known for its social networking app Snapchat, has over 400 million daily active users and generates most of its revenue from advertising. Currently, Snap's stock is trading down by -0.24% at $16.8, with an anticipated earnings release in 77 days. Analyst ratings in the last month have set an average target price of $13.6 for Snap.
May 07, 2024 | 5:01 pm
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NEGATIVE IMPACT
Significant bearish sentiment among deep-pocketed investors, with a notable level of extraordinary options activity. Analysts have mixed ratings with an average target price of $13.6, while the stock is currently trading at $16.8.
The bearish sentiment from significant investors, combined with the current trading price being above the average analyst target price, suggests potential downward pressure on Snap's stock price in the short term. The high level of options activity, particularly the bearish puts, further supports this outlook. However, the company's strong user base and revenue from advertising provide some counterbalance, making the situation worth monitoring closely.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100