Unusual Options Activity: Snap Inc (SNAP)

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  • Social media play Snap Inc (SNAP) has seen its shares surge to new all-time highs earlier this week. So it’s no surprise that at least one trader sees the company heading higher.

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  • That’s based on the January 8th 2021 $57 call. Expiring in 8 days, the bet is that shares, trading near $52.40, will rally another 8.7 percent. Over 10,200 of the contracts traded against a prior open interest of 111, for a 92-fold rise in volume.

    The buyer of the option paid about $0.53 to make the trade.

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    The social media company has been hitting its user growth numbers, which is likely why shares have rallied 195 percent this year. The company remains unprofitable, trading at a forward PE ratio of 385.

    Action to take: With just over a week on the clock for this trade, it’s a gamble more than a speculation. Traders who buy here may be able to flip the trade in a day or two for some low double-digit gains. A massive surge higher in shares that moves the trade in-the-money is possible, but has worse odds than a coin flip.

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  • For traders who want to play the trend, the April 2021 $50 calls are in-the-money. While far more expensive in the $7.85 range, they stand a better chance of making traders a profit as the uptrend in shares continues.