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Don't call it a comeback yet, but shares of beleaguered social media stock Snap Inc. are up almost 20% this month and options traders are betting it's about to go on a big run. Snap shares have traded under $10 since July 2025 following a near-complete collapse from over $80 at the stock's high in 2021 to a low of $3.81 in April. But now, as excitement swirls over social media giant Meta Platforms' AI agent, traders are pouring into Snap call options on Monday, propelling trading volume to more than four times the month-long average, Cboe LiveVol data show. Almost 140,000 options on Snap traded Monday, including about 64,000 call trades that were likely initiated by buyers, compared to under 7,000 puts. Traders sold more than 12,000 puts, and just over 34,000 calls. The net trade sentiment, as well as net directional bias according to options deltas, was positive, according to Barchart. Nine out of the top 10 trades by volume were calls, and of the $5.5 million in premium exchanged, $5 million was tied to calls, SpotGamma data show. The most popular contract to buy was the 8-strike call expiring Dec. 18, which traded 26,000 times. That contract costs about 37 cents and needs Snap to rally 30% before expiry to pay off. If that happens, it would be the highest the stock's traded since February. The owner of photo-sharing and messaging app Snapchat also offers augmented-reality `Specs' glasses. Shareholder Blue Duck Capital issued an open letter to Snap's board of directors last week urging the company to raise dedicated capital to support the product, saying it could lead to a $12-$14 share price.
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