Snap's (SNAP) stock has risen sharply in 2019, and it would appear that some are betting it rises even further. In recent days, there has been a slew of bullish betting that the stock increases to around $20.20, a gain of about 27% from its current price of $15.90.

The calls options for expiration on October 18 have witnessed the open interest rise by about 35,000 contracts on August 22 to a total of approximately 43,700 contracts. According to data from Trade Alert, the calls traded on the ASK, an indication they were bought and a bet the stock would rise. The calls traded for a price of roughly $0.20 per contract, giving the trader a break-even price of about $20.20 if they should choose to hold the options until expiration.

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