Unpacking the Latest Options Trading Trends in Snowflake
Financial giants have made a conspicuous bearish move on Snowflake. Our analysis of options history for Snowflake (NYSE:SNOW) revealed 9 unusual trades.
Delving into the details, we found 44% of traders were bullish, while 55% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value of $467,080, and 2 were calls, valued at $90,941.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $120.0 and $190.0 for Snowflake, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Snowflake stands at 1697.62, with a total volume reaching 1,099.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snowflake, situated within the strike price corridor from $120.0 to $190.0, throughout the last 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | PUT | TRADE | BULLISH | 09/20/24 | $61.2 | $59.5 | $59.5 | $190.00 | $119.0K | 13 | 20 |
| SNOW | PUT | SWEEP | BULLISH | 01/17/25 | $57.0 | $56.6 | $56.6 | $185.00 | $96.2K | 716 | 17 |
| SNOW | PUT | TRADE | BEARISH | 09/20/24 | $31.75 | $31.75 | $31.75 | $160.00 | $63.5K | 1.6K | 20 |
| SNOW | PUT | TRADE | BEARISH | 11/15/24 | $26.05 | $25.85 | $26.05 | $150.00 | $52.1K | 1.3K | 20 |
| SNOW | CALL | SWEEP | BEARISH | 01/17/25 | $12.6 | $12.35 | $12.38 | $150.00 | $49.5K | 1.3K | 4 |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
Snowflake's Current Market Status
- Currently trading with a volume of 655,814, the SNOW's price is down by -1.82%, now at $130.19.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 28 days.
Expert Opinions on Snowflake
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $198.33333333333334.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Snowflake with a target price of $165.
- An analyst from Goldman Sachs has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $220.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $210.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Snowflake with Benzinga Pro for real-time alerts.