Snap shares extend winning streak as traders favor call options

what happened

Stocktwits reports that Snap Inc. (SNAP) shares rose for a sixth consecutive session as derivatives traders stepped up purchases of bullish call options. Monday’s options activity exceeded four times the 30-day average, according to Cboe LiveVol. Nearly 140,000 contracts changed hands, with calls—which give holders the right to buy shares at a set price—far outpacing bearish puts.

SpotGamma data showed that calls accounted for $5 million of the $5.5 million in total premiums traded. Nine of the 10 most active trades represented bullish positions, CNBC reported. The stock has gained roughly 20% this month, after falling from an all-time high above $80 in 2021 to a low of $3.81 in April and remaining below $10 since mid-2025. Broader technology sentiment has benefited from enthusiasm for artificial intelligence and digital agents, increasing attention on beaten-down social media companies.

The busiest contract was the $8 call expiring on Dec. 18, with 26,000 contracts traded. At about $0.37 cents per contract, the position requires Snap shares to rise roughly 30% by mid-December to become profitable, CNBC reported. The activity also follows last week’s open letter from activist investor Blue Duck Capital, which urged Snap’s board to dedicate funding to its augmented-reality Specs hardware. Blue Duck said stronger capitalization could lift the stock to $12–$14. Stocktwits described retail sentiment as “bullish” with “high” message volume; SNAP is down about 16% year-to-date.

why it matters

The options flow signals stronger near-term speculative interest in Snap, while the stock’s long-term decline and 16% year-to-date loss underline the security’s volatility.

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