Shares of Snapchat parent Snap Inc (NYSE:SNAP) are surging today, up 7.4% at $8.76 at last glance, after the company revealed Snap OS 2.0 and confirmed its plan to release Spectacles (its compact AR glasses) in 2026. Buyout speculation is also giving the stock a boost, drawing plenty of attention on the r/wallstreetbets forum and Stocktwits.
On track for its seventh daily gain in eight sessions, SNAP is up 21.2% since the start of the month. Prior to the rally, the $7 level kept losses in check, as it did in April. Today's pop has the equity finally looking to recover from its early-August post-earnings bear gap, though the equity is still down 18.7% year to date.
Options traders are getting in on the action, with 334,000 calls and 103,000 puts exchanged so far today -- six times the amount typically seen at this point and double the average daily volume. The October 10 call is the most popular, followed by the weekly 9/26 9-strike call and 10/10 8-strike put, with new positions opening at the latter two contracts.
Meanwhile, short interest is up 25.5% in the last two weeks, and now represents 13.1% of the stock's available float. It would take shorts nearly three days to cover, at SNAP's average pace of trading.
