SNAP, PINS, and RDDT are all making moves
Meta Platforms (META) has been gaining a lot of attention since CEO Mark Zuckerberg attended President Donald Trump's inauguration, but it is not the only social media stock worth monitoring. Below, let's take a closer look at Reddit Inc (NYSE:RDDT), Pinterest Inc (NYSE:PINS), and Snap Inc (NYSE:SNAP).
SNAP Eyes Worst Day Since August
Snap shared better-than-expected fourth-quarter earnings and revenue after yesterday's close, but its fiscal first-quarter forecast disappointed. Shares are down 7.7% to trade at $10.74 at last check, looking to mark their fourth loss in the last five sessions and their worst single-day percentage loss since August. A floor at $10.50 could cut losses short, but SNAP still shed 38.1% in the past year.
Overall options volume for the equity is running at triple the intraday average amount today. The most popular contract is the weekly 2/7 10-strike put, where positions are being opened.
PINS Dips Before Earnings
Pinterest is up next, with fourth-quarter results due out after tomorrow's close. The stock is down 1.1% to trade at $33.01 at last check, and despite its 14.2% year-to-date lead, it is down 19.3% over the last 12 months. Plus, resistance at $35 has been rejecting the shares since October.
PINS has a dismal history of post-earnings reactions, finishing six of its last eight next-day sessions lower. This includes losses of more than 14% after two of its most recent reports. This time the options pits are pricing in a 19.1% swing, regardless of direction, which is larger than the 12.8% move the stock has averaged over the last two years.
RDDT Fresh Off Record Highs
Reddit's own fourth-quarter report isn't slated for release until after the market closes on Wednesday, Feb 12. The security was last seen up 0.3% to trade at $215.76, and is on track for a fourth-straight gain after yesterday notching a record high of $218.25. RDDT also boasts a whopping 319.8% nine-month lead.
Reddit stock is a short squeeze candidate. Short interest rose 14.6% in the last two reporting periods, and the 18.55 million shares sold short now make up 19.9% of its available float.