Snap Options Volume Surges as $8 Call Requires 30% Rally

Snap options activity climbed sharply Monday as traders concentrated on call contracts, including an $8 call expiring Dec. 18 that would need the stock to rally about 30% before expiration to pay off.

By 2:37 p.m. ET (18:37 UTC) Monday, options volume had risen to more than four times its monthly average. Nearly 140,000 Snap options changed hands, including about 64,000 calls likely initiated by buyers and fewer than 7,000 puts. Traders sold more than 12,000 puts and slightly more than 34,000 calls.

Calls made up nine of the 10 top trades by volume. Of the $5.5 million in premium exchanged, about $5 million was tied to calls.

The most popular contract to buy was the $8 call expiring Dec. 18. The contract cost about 37 cents and would need Snap to rally about 30% before expiration to pay off.

Snap shares have gained nearly 20% this month, but the stock has traded below $10 since July 2025. Shares fell from above $80 in 2021 to a low of $3.81 in April.

Snap owns Snapchat, a photo-sharing and messaging app, and offers augmented-reality “Specs” glasses. A Snap shareholder, Blue Duck Capital, issued an open letter last week urging the board to raise dedicated capital for the glasses business.

Blue Duck’s proposal to raise funding for Specs said the product could lead to a share price of $12 to $14.