Snap shares have surged nearly 20% this month, with traders betting on a major upward move. Around 140,000 options contracts traded Monday on Snap, including nearly 64,000 calls, or four times the monthly average. The most popular contract was the 8-strike call expiring December 18, priced at 37 cents, requiring a 30% rally to profit. Investor Blue Duck Capital sent a letter to Snap’s board calling for dedicated capital for its Specs augmented-reality glasses, estimating the stock could reach 12 to 14 dollars. The shares have lost more than 80% from their 2021 peak, falling below 10 dollars last July after hitting a low of 3.81 dollars in April.
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