Snap options activity shows heavy call buying at $8 strike

Snap Inc (SNAP) shares are trading at $6.57, up 5.46% as of October 12, 2:55 PM EDT. The stock's 52-week range is between $3.81 and $9.13. Options volume reached 143,420 contracts on the day, with 85% of that activity consisting of calls, specifically 121,407 calls compared to 22,013 puts. This results in a call-to-put ratio of approximately 5.5 to 1. This elevated call volume suggests bullish market sentiment, following a 17.56% increase in shares over the past week and a 40.92% surge over the preceding three months.

Reports indicate a potential November 3, 2026 earnings date, with consensus projections estimating revenue at $1.73 billion and earnings per share (EPS) at $0.01. InvestingPro has assigned a fair value of $7.65 to the stock as of October 6, 2026, when it was trading at $5.66. The piece also highlights a reported $400 million deal for Perplexity distribution and Snap+ growth, noting that revenue is showing reacceleration, with a 12.6% increase as of June 30, 2026.

However, a $8 strike option would require a roughly 22% increase by December 18 to be profitable, and the high implied volatility makes holding such options costly. This report was AI-generated and reviewed by an editor.