Options Traders, Analyst Target Snap Stock After Earnings

Snap's fourth-quarter revenue missed estimates

Deputy Editor
Feb 1, 2023 at 10:32 AM
facebook X logo linkedin


Options traders are bombarding social media giant Snap Inc (NYSE:SNAP), after the company's fourth-quarter earnings report led the shares 13.9% lower out of the gate today.

The Snapchat parent posted its third-straight quarterly decline, announcing earnings of 14 cents per share on revenue of $1.30 billion, with the latter figure slightly missing estimates. The company chalked the "challenging year" up to "macroeconomic headwinds, platform policy changes, and increased competition."

Within the first hour of trading, 160,000 calls and 115,000 puts have already been exchanged, which is eight times the intraday average volume. New positions are being opened at the most popular contract, the weekly 2/3 10.50-strike call. 

Analysts are chiming in, too, with no less than 10 price-target cuts following the results. In addition, UBS downgraded Snap stock to "neutral" from "buy." while Benchmark adjusted its rating to "hold." Coming into today, 27 of 32 covering brokerages rated SNAP a "hold" or worse, while the average 12-month target price of $11.34 is a 13.1% premium to its current perch.

Facing pressure from the $12 level since early September, the shares of the social media company have shed more than 7% in the last 12 months. In the relatively young year, however, Snap stock is roughly 11.7% higher.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI