Options traders are betting on a continued surge in Snap Inc. shares, with Monday's trading volume for the stock's options exceeding four times the month-long average. The activity follows a nearly 20% gain in Snap shares this month, as market attention shifts toward the artificial intelligence agent from social media rival Meta Platforms.
Data from Cboe LiveVol indicates that almost 140,000 Snap options traded on Monday. Of this total, approximately 64,000 call trades were likely initiated by buyers, compared to under 7,000 puts. Sellers participated in more than 12,000 put trades and just over 34,000 call trades. Barchart reports that both the net trade sentiment and the net directional bias, measured by options deltas, were positive.
SpotGamma data shows that nine of the top 10 trades by volume were calls. In terms of premium exchanged, $5 million out of a total $5.5 million was tied to call options. The most popular contract for buyers was the 8-strike call expiring on December 18, which traded 26,000 times. This contract costs about 37 cents and requires Snap stock to rally 30% before expiry to pay off. If that threshold is met, the stock would reach its highest level since February.
Snap shares have traded under $10 since July 2025 after a significant decline from a high of over $80 in 2021 to a low of $3.81 in April. The company operates the photo-sharing and messaging app Snapchat and also sells augmented-reality Specs glasses.
Last week, shareholder Blue Duck Capital wrote an open letter to Snap's board of directors. The firm urged the company to secure dedicated capital to support the Specs product, arguing that such an investment could drive the share price to between $12 and $14.