Understanding Snap's Unusual Options Activity
Snap (NYSE: SNAP) shares experienced unusual options activity on Thursday. The stock price moved up to $60.92 following the option alert.
Sentiment: BEARISH
Option Type:Understanding Snap's Unusual Options Activity
CNBC's Mad Money anchor Jim Cramer said on Tuesday he now believes Snapchat parent Snap Inc (NYSE: SNAP) is a winner under co-founder and CEO Evan Spiegel.
Cathie Wood-led Ark Investment Management on Monday shed 145,727 shares, worth about $9.26 million, in Snapchat parent Snap Inc (NYSE: SNAP) on the day shares of the social media company fell.
Snap shares closed 0.81% lower at $63.57 on Monday.
Snap (NYSE: SNAP) shares are trading lower by 3.2% at $60.77 Thursday afternoon. Weakness appears related to overall market weakness as well as Wednesday news the company's Head of Original Content Sean Mills is exiting.
While Snap Inc’s (NYSE: SNAP) ad manager data suggests some pressure on users, the data on CPMs (cost per thousand) remains robust and DAU (daily average user) data is trending broadly in line with expectations, according to BofA Securities.