🚀 RDDT $10.8M Bear Call Spread - Betting on Reddit Rally Exhaustion! 📉

📅 December 3, 2025 | 🔥 Unusual Activity Detected

🎯 The Quick Take

A sophisticated trader just deployed $10.8 MILLION betting against Reddit's continued rally! At 12:14 PM, they established a MASSIVE bear call spread—selling 3,085 CALL $220 contracts ($6.8M premium received) and buying 3,085 CALL $240 contracts ($4.4M cost) expiring January 16, 2026. Net credit: $2.4M. With RDDT trading at $223 after surging 344% from IPO and 123% in 3 months, this is a HIGH CONVICTION bet that the rally is exhausted. Translation: Smart money expects Reddit to consolidate or pull back below $220 through mid-January!

📊 Company Overview

Reddit, Inc. (RDDT) is the social media platform where users engage in conversations and create communities centered around their interests:

Market Cap: $42.2 Billion
Industry: Social Media / AI Data Licensing
IPO Date: March 21, 2024 (just 9 months ago!)
Current Price: $223.24 (up +344% from $50.44 IPO price!)
Primary Business:
- Community Platform: 97.2M daily active users (+47% YoY!)
- Advertising Revenue: Core monetization through targeted ads
- AI Data Licensing: $130M+ annual revenue from Google ($60M) and OpenAI ($70M)
- Reddit Answers: New AI-powered search tool launching Q1 2025

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit went public in 2024 and became one of THE breakout IPO success stories, achieving first-ever GAAP profitability in Q3 2024 ($29.9M net income) while positioning as a critical AI training data provider.

💰 The Option Flow Breakdown

The Tape (December 3, 2025 @ 12:14:42):

Time	Symbol	Side	Buy/Sell	Type	Expiration	Premium	Strike	Volume	OI	Size	Spot	Option Price	Option Symbol
12:14:42	RDDT	ASK	SELL	CALL $220	2026-01-16	$6.8M	$220	3,100	6,700	3,085	$223.00	$22.20	RDDT 220C 01/16
12:14:42	RDDT	BID	BUY	CALL $240	2026-01-16	$4.4M	$240	3,100	5,100	3,085	$223.00	$14.20	RDDT 240C 01/16

🤓 What This Actually Means

This is AGGRESSIVE bearish positioning on a red-hot IPO! Here's what went down:

Bear Call Spread Structure 🐻

💸 Net Credit: $2.4M ($6.8M sold - $4.4M bought)
🎯 Short Strike: $220 calls - just $3 BELOW current price (at-the-money!)
🛡️ Long Strike: $240 calls - caps maximum loss
⏰ Expiration: January 16, 2026 (44 days)
📊 Size: 3,085 contracts represents 308,500 shares worth ~$69M
🎪 The bet: RDDT stays below $227.78 to profit
🔥 Unusual Score: EXTREMELY UNUSUAL (Z-score 8.82 on $220s, 8.58 on $240s—MASSIVE institutional positioning!)

Trade Payoff Scenarios 📈

🟢 Maximum Profit: $2.4M

Achieved if RDDT closes below $220 on January 16
Both options expire worthless, trader keeps entire $2.4M credit
Probability: ~52% (based on delta)

🟡 Breakeven Point: $227.78

$220 strike + $7.78 net credit per share
Current price: $223.24 (trader has $4.54 cushion!)

🔴 Maximum Loss: $3.7M

($20 strike width - $7.78 credit) × 3,085 contracts × 100
Occurs if RDDT closes above $240 at expiration
Probability: ~27% (needs 7.5% rally to hit)

What's really happening here: This trader is making a BOLD bet that Reddit's post-IPO rocket ship has run out of fuel. The $220 strike is basically AT-THE-MONEY (just $3 below current $223 price), meaning there's MINIMAL margin for error. They're betting that after a 344% surge from IPO and 123% in the last 3 months, RDDT consolidates or pulls back through mid-January.

Why this structure?

Post-Rally Exhaustion: After hitting $282.95 all-time high, stock has pulled back to $223—showing momentum is fading
Valuation Resistance: Trading at 17x sales (vs industry 3-5x) creates natural ceiling
No Catalysts: Q4 earnings not until Feb 12 (AFTER expiration)—nothing to drive stock higher
Time Decay Advantage: Collecting $15K-$20K daily in theta if stock stays range-bound

The Greek Profile:

⏰ Theta: +$15K-$20K daily time decay (trader's PRIMARY profit driver!)
📉 Delta: Moderately negative (benefits from sideways/down)
🎲 Gamma: Negative (risk accelerates if stock rallies)
📊 Vega: Negative (benefits from IV crush as volatility normalizes)

With 44 days to expiration and massive daily theta collection (~$540K weekly!), this trader is betting Reddit's explosive momentum gives way to consolidation or correction.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

RDDT is in an EPIC bull run - up +34.2% YTD (starting from $165.91 post-IPO), with extreme volatility characteristic of a newly public tech company!

Key observations:

🚀 IPO Rocket Ship: Surged 344% from $50.44 IPO price to $223 current
📈 Parabolic Rally: October high of $282.95 represented 461% gain from IPO in 7 months!
📉 Recent Pullback: Down 21% from ATH, suggesting profit-taking underway
🎢 61.4% Max Drawdown: Extreme volatility (80.4% annual) creates wild swings
💪 Still Uptrending: Despite pullback, maintaining higher lows pattern
⚠️ Consolidation Phase: Trading $215-$235 range for past month

The technical picture is MIXED—strong long-term uptrend but showing exhaustion after parabolic October. For the bear call spread, the key question is: Does RDDT consolidate here or resume rally to new highs?

Gamma-Based Support & Resistance Analysis

Current Price: $223.11

The gamma exposure map reveals critical price magnets where market makers have HUGE positions:

🔵 Support Levels (Put Gamma Below Price):

$220 - CRITICAL support (exactly where bear call spread is struck!)
$210 - Secondary floor
$200 - Major support zone (psychological round number)
$190 - Extended support

🟠 Resistance Levels (Call Gamma Above Price):

$230 - Immediate resistance with moderate call gamma
$240 - MAJOR resistance (exactly where the long call protection is!)
$250 - Secondary resistance
$260 - Extended resistance

What this means for the trade: The $220 level represents CRITICAL gamma support—market makers are positioned here, creating natural buying pressure. This actually HELPS the bear call spread, as $220 should act as a floor. However, if momentum returns and RDDT breaks above $230, the path to $240 becomes easier, threatening the spread's profitability.

If RDDT breaks above $230: Momentum could accelerate toward $240-$250, moving spread into maximum loss territory.

If RDDT breaks below $220: Quick drop to $210-$200 support is likely, maximizing spread profitability (both calls expire worthless).

Net Gamma Regime: Positive gamma environment (dealers long gamma) dampens volatility, supporting the range-bound thesis that benefits this spread.

Implied Move Analysis

Options market pricing for upcoming expirations:

📅 Weekly (Dec 5 - 2 days): ±$8.27 (±3.71%) → Range: $214.78 - $231.32
📅 Monthly OPEX (Dec 19 - 16 days): ±$21.36 (±9.57%) → Range: $201.69 - $244.41
📅 January 16 (THE TRADE EXPIRATION - 44 days): ±$29 (±13.0% estimated) → Range: $194 - $252

Translation for this trade: The January implied move suggests RDDT could trade anywhere from $194-$252 through expiration. The upper range ($252) is ABOVE the $240 long call strike, meaning the options market is pricing significant upside risk. However, the breakeven at $227.78 sits near the middle of the implied range, giving this spread reasonable odds.

KEY INSIGHT: The 13% implied move is HUGE but reflects RDDT's 80.4% volatility. The trader is betting that after the parabolic October rally, the stock consolidates rather than resuming explosive upside. The $220-$240 strikes bracket a reasonable consolidation range.

🎪 Catalysts

🔥 Recent Performance Highlights

Q3 2024 Earnings BLOWOUT (October 29, 2024) 🚀

Reddit absolutely CRUSHED Q3, triggering a 22% after-hours surge:

💰 Revenue: $348.4M vs. $312.8M consensus (+68% YoY, beat by 11.4%!)
📈 EPS: $0.16 vs. ($0.07) consensus—FIRST PROFITABLE QUARTER EVER!
✅ GAAP Net Income: $29.9M vs. ($7.4M) prior year
🚀 Daily Active Users: 97.2M (+47% YoY)—explosive user growth!
🎯 Stock Reaction: +22% surge in after-hours trading

Why this matters NOW: This earnings beat drove RDDT from $180s to $280s, but momentum has since faded. The bear call spread is betting that ONE great quarter doesn't justify the 344% post-IPO valuation.

AI Data Licensing GOLDMINE 💎

Reddit's AI partnerships are generating MASSIVE high-margin revenue:

💰 Google Partnership: $60M annually for training data access
🤖 OpenAI Partnership: $70M annually for data licensing
📊 Total AI Revenue: ~$130M+ annually (10% of total revenue!)
🚀 Growth Potential: Licensing deals structured for expansion, not fixed

Why this matters: This is a HIGH MARGIN revenue stream (basically pure profit) that differentiates Reddit from other social platforms. However, the bear case argues this is ALREADY priced in at 17x sales.

🚀 Upcoming Catalysts (Through January Expiration)

Q4 2024 Earnings - February 12, 2025 📊 (AFTER trade expiration)

The next earnings report is CRITICAL but occurs AFTER the January 16 spread expires:

📅 Expected Date: February 12, 2025 (27 days AFTER expiration)
💰 Expected Revenue: $385-$400M (midpoint $392.5M)
📈 Expected EPS: $0.25
🎯 Key Metrics: DAU growth, advertising revenue, profitability sustainability

Impact on Trade: NO direct earnings catalyst before expiration! This is HUGE for the bear case—there's no obvious catalyst to drive RDDT materially higher in the next 44 days.

Product Launches (Q1 2025) 🚀

Reddit is rolling out new features to drive growth:

🤖 Reddit Answers: AI-powered search/chat tool (potential game-changer!)
🌍 Machine Translation: Expanding to 30+ countries (unlocking international monetization)
📈 International Growth: 44% YoY DAU growth internationally

Why this could drive upside: If Reddit Answers gains traction or international expansion accelerates, stock could break above $230-$240 resistance, blowing up the bear spread.

Analyst Sentiment 📊

Wall Street is MIXED on RDDT's valuation:

🎯 Average Price Target: $248.93 (range: $116-$318)
📊 Consensus: 39% Strong Buy, 17% Buy, 39% Hold
🚀 Recent Upgrades: Seaport ($280), Bernstein ($210), Citigroup ($220-$250)

What this means: Average target of $249 is ABOVE the $240 max loss level, suggesting analysts see upside. However, the WIDE range ($116-$318) shows massive disagreement—some see RDDT as overvalued, others as undervalued.

📅 Risk Factors Supporting Bearish Thesis

Valuation Concerns 💸

Reddit's valuation is STRETCHED by traditional metrics:

📊 Trading at 17x sales vs. industry average 3-5x (3-5x premium!)
💰 102x forward EV/EBITDA despite single profitable quarter
🎯 Intrinsic value estimated at $78.66 vs. current $223 (65% overvalued per some analysts)

Why this matters for the spread: Expensive valuations create RESISTANCE to further upside. At 17x sales, RDDT needs to EXECUTE PERFECTLY to justify current price. Any stumble = sharp selloff.

Insider Selling 🚨

Reddit insiders are DUMPING shares at current prices:

💸 CEO Steve Huffman sold $7.7M (Nov-Dec 2024)
📉 Multiple executives selling throughout 2024
🎯 Signal: Insiders think current price is attractive—for SELLING, not buying

Why this matters: When insiders are selling aggressively while making bullish public statements, that's a RED FLAG. They know the business better than anyone—if they're selling at $220, should you be buying?

Profitability Sustainability Questions ❓

Reddit's first profitable quarter raises questions:

⏰ ONE profitable quarter in company's 20-year history
💸 Heavy R&D spending pressuring margins (can they maintain profitability?)
📊 User growth (47%) far outpacing ARPU growth (monetization challenge!)

Competition Threats 🏆

Reddit faces MAJOR competitive risks:

📱 Meta's massive scale and advertising infrastructure (David vs. Goliath!)
🤖 AI search (ChatGPT, Perplexity) could disintermediate Reddit's Q&A value (existential threat!)
💰 Macro advertising headwinds disproportionately impact smaller platforms

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and catalyst analysis, here are the scenarios through January 16 expiration:

📈 Bull Case (30% probability)

Target: $240-$260 (BREAKOUT!)

How we get there:

💥 Reddit Answers launches to rave reviews, driving user engagement surge
🚀 New AI licensing deal announced (Microsoft, Anthropic, etc.) at premium pricing
📊 International expansion shows accelerating monetization (ARPU growth!)
🎯 Breaks through $230 resistance, triggers momentum buying to $240-$250
💪 Year-end tech rotation into high-growth names benefits RDDT

Call P&L in Bull Case:

Trader P&L: -$1.3M to -$3.7M loss (partial to FULL maximum loss!)
If RDDT at $245: Spread value = $12.22 loss per share vs. $7.78 credit = -$4.44/share × 308,500 = -$1.37M
If RDDT at $260: FULL $3.7M maximum loss

Probability: 30% - Would need 7-17% rally from current $223 to hit $240-$260 zone

🎯 Base Case (55% probability)

Target: $215-$230 (CONSOLIDATION)

Most likely scenario:

✅ RDDT consolidates after parabolic October rally
📊 Trading within $215-$230 range through year-end and January
🎢 Tests $220 support multiple times but holds
💤 No major catalysts to drive breakout before February earnings
⚖️ Bulls and bears in standoff, range-bound action

Call P&L in Base Case:

Trader P&L: +$1.5M to +$2.4M profit (62-100% of max profit!)
If RDDT at $218: Both calls expire worthless = FULL $2.4M profit
If RDDT at $225: Spread value = $5 loss - $7.78 credit = +$2.78 profit × 308,500 = +$857K (36% of max)

Probability: 55% - Highest probability scenario given lack of near-term catalysts

📉 Bear Case (15% probability)

Target: $190-$210 (CORRECTION)

What could go wrong:

😰 Insider selling accelerates, signaling insiders see peak valuation
🚨 Broader tech correction drags high-multiple stocks lower
💸 Analyst downgrade citing extreme valuation (17x sales unsustainable)
📉 Technical breakdown below $220 triggers cascade to $200 support
🎲 Competition announcement (Meta, TikTok) threatens user growth

Critical support levels:

🛡️ $220: Must hold or momentum shifts sharply bearish
🛡️ $210: Secondary support
🛡️ $200: Major psychological support (round number)

Call P&L in Bear Case:

Trader P&L: +$2.4M MAXIMUM profit
Both calls expire worthless, trader keeps full $2.4M credit
Even deeper in profit if RDDT drops to $190-$200

Probability: 15% - Would need significant negative catalyst or broad market selloff

💡 Trading Ideas

🛡️ Conservative: Wait for Post-Earnings Clarity (Stay on Sidelines)

Play: Observe this trade but don't replicate until after February earnings

Why this works:

⏰ Q4 earnings (Feb 12) will determine if Q3 profitability was one-time or sustainable
📊 Current valuation (17x sales) offers ZERO margin of safety at $223
💸 Insider selling suggests insiders think current price is FAIR VALUE (not undervalued)
🎯 Better entry likely post-earnings if profitability continues OR on correction if it doesn't
📉 Even if stock goes higher short-term, patient capital can enter on inevitable consolidation

Action plan:

👀 Watch January 16 expiration closely—does RDDT stay below $220?
📚 Monitor Reddit Answers launch reception and international expansion metrics
🎯 Look for pullback to $190-$200 for stock entry with margin of safety
⏰ Revisit after February earnings for cleaner risk/reward setup

Expected outcome: Avoid potential -10-20% drawdown if bear thesis plays out. Get better entry on consolidation.

Risk level: ZERO (cash position) | Skill level: Beginner-friendly

⚖️ Balanced: Bull Put Spread - Play the Support Levels

Play: Take the OPPOSITE structure—bullish defined-risk spread

Structure: Sell RDDT $210 puts, Buy RDDT $200 puts (January 16 expiration - SAME as bear spread)

Why this works:

📊 Defined risk spread ($10 wide = $1,000 max risk per spread)
🎯 Targets major support zone at $200-$210 (gamma support + psychological levels)
💰 Collect premium betting RDDT stays above $210 through January
🛡️ Thesis: Strong user growth + AI licensing revenue prevents sustained breakdown
⏰ 44 days to expiration gives time for consolidation to play out

Estimated P&L (adjust for current IV):

💰 Collect ~$3.00-3.50 credit per spread
📈 Max profit: $300-$350 if RDDT above $210 at January expiration
📉 Max loss: $650-$700 if RDDT below $200
🎯 Breakeven: ~$206-$207

Entry timing:

⏰ Enter if RDDT pulls back to $215-$218 for better entry
🎯 Only enter if RDDT trading above $215 (gives cushion to short strike)
❌ Skip if RDDT already below $212 (too close to danger zone)

Position sizing: Risk only 3-5% of portfolio (5-10 spreads for $50K account)

Risk level: Moderate (defined risk, bullish bias) | Skill level: Intermediate

🚀 Aggressive: Copy The Whale - Sell the Bear Call Spread (SPECULATIVE!)

Play: Replicate the EXACT trade this institutional player made

Structure: Sell RDDT $220 calls, Buy RDDT $240 calls (January 16 expiration)

Why this could work:

🐋 "Following smart money"—someone with institutional resources sees value here
📊 Post-rally exhaustion thesis is compelling (344% from IPO, 123% in 3 months)
🎯 $220 strike provides minimal cushion but collects MAXIMUM premium ($22.20!)
⏰ 44 days to expiration captures full consolidation period
💰 Collects $778/contract credit ($7.78 × 100 shares)
📈 No earnings catalyst before expiration to disrupt consolidation

Why this could blow up (SERIOUS RISKS):

💸 Current price $223 = $3 above short strike! Already slightly in-the-money!
🤯 Valuation could expand: If AI licensing grows, 17x sales might be justified
⏰ Reddit Answers launch: Could be surprise hit, driving stock to $240-$250
😱 Analyst upgrades: More price target increases could fuel rally
📊 ATM short strike: ZERO room for error—any move higher = losses
⚠️ Gamma risk: Negative gamma creates accelerating losses if RDDT rallies
💀 Maximum loss: $3.7M risk vs. $2.4M max profit (1.54:1 risk/reward—unfavorable!)

Estimated P&L (per spread):

💰 Cost: Collect $778 credit ($22.20 - $14.20 = $8.00 × 100)
📈 Profit scenario: RDDT at $215 by Jan 16 = $778 profit (100% ROI on credit)
🚀 Best case: RDDT at $180 by Jan 16 = $778 profit (same max profit)
📉 Loss scenario: RDDT at $230 by Jan 16 = -$222 loss (29% loss)
💀 Total loss: RDDT above $240 by Jan 16 = -$1,222 loss (157% loss—more than credit!)

Breakeven point: $227.78 (2.1% rally from current)

CRITICAL WARNING - DO NOT attempt unless you:

✅ Understand bear call spreads and can monitor position daily
✅ Can afford to lose ENTIRE credit plus additional maximum loss
✅ Accept that being directionally correct but poorly timed = losses
✅ Plan exit strategy BEFORE entering (don't hold hoping for miracle)
⏰ Consider taking profits at 50-60% of max gain rather than holding to expiration
📊 Size position at 2-5% of portfolio MAX (this is speculation, NOT investment)

Risk level: EXTREME (ATM short strike, negative gamma) | Skill level: Advanced only

Probability of profit: ~45-52% (need RDDT to consolidate or decline below $227.78)

⚠️ Risk Factors

Don't get caught by these potential landmines:

💰 ATM short strike = MINIMAL margin for error: The $220 call strike is just $3 below current $223 price. RDDT only needs to stay flat or rally slightly and this spread is underwater. Compare to PLTR example where strikes were OUT of the money—this is much more aggressive.
🚀 Bull case remains COMPELLING: Reddit's AI licensing revenue ($130M+ annually), international expansion (44% DAU growth!), and Reddit Answers launch could all surprise to the upside. The company is executing WELL—valuation concerns might not matter if growth continues.
📊 Implied move suggests upside risk: The January implied move upper range ($252) is ABOVE the $240 max loss level. Options market is pricing meaningful probability of RDDT rally beyond spread protection.
🎯 Analyst targets average $249: With consensus price target ABOVE the $240 long call strike, Wall Street sees upside from current levels. The bear spread is betting AGAINST Wall Street consensus.
💸 80.4% volatility creates WILD swings: RDDT can move 5-10% in a SINGLE DAY on no news. This volatility makes 44-day predictions extremely difficult. Gamma risk is HUGE.
🤖 Reddit Answers could be game-changer: If the AI-powered search tool launches successfully and shows strong engagement metrics, stock could surge 20-30% on the news. This would blow through the $240 ceiling and trigger maximum loss.
🏆 TikTok ban beneficiary: If Supreme Court rules against TikTok, Reddit becomes major beneficiary of user migration. This unexpected catalyst could drive explosive upside.
📉 Negative gamma = accelerating losses: Short call spreads have NEGATIVE gamma, meaning losses accelerate as stock moves against you. If RDDT rallies from $225 to $235, you don't lose linearly—losses ACCELERATE due to gamma dynamics.
📅 44 days is LONG TIME: A lot can happen in 44 days—product launches, analyst upgrades, competitive announcements, macro shifts. The longer the time frame, the more opportunities for unexpected events to derail the thesis.

🎯 The Bottom Line

Real talk: Someone just bet $2.4 MILLION CREDIT (risking $3.7M!) that Reddit's 344% post-IPO rally is exhausted and the stock consolidates or corrects below $220 through mid-January. This is a SOPHISTICATED bear call spread designed to harvest theta decay while betting on post-rally exhaustion.

What this trade tells us:

🎯 Sophisticated player expects RDDT consolidation (not continued rally)
💥 Z-scores of 8.82 and 8.58 = MASSIVE institutional positioning (top 1% of activity!)
📊 ATM short strike ($220 vs. $223 current) shows MAXIMUM aggression
⏰ Timing suggests belief that post-rally consolidation is imminent
💰 Willing to risk $3.7M to collect $2.4M = conviction in range-bound thesis

This is NOT a "guaranteed winner" - it's a HIGH CONVICTION bet on rally exhaustion after explosive gains.

If you own RDDT:

✅ This trade signals smart money expects AT LEAST near-term pause in rally
📊 Watch $220 support closely—break below = bearish momentum accelerating
⏰ Consider trimming positions if RDDT fails to break above $230 resistance
🎯 If bullish long-term, use any weakness to $200-$210 as buying opportunity

If you're watching from sidelines:

⏰ January 16 expiration is the catalyst to watch—does RDDT stay below $220?
🎯 Post-expiration (Feb 12), Q4 earnings provides next major catalyst
📈 Looking for confirmation: Break above $230 = bullish breakout, below $220 = correction underway
🚀 Longer-term, AI licensing revenue and international expansion support RDDT upside

If you're considering the bear call spread:

⚠️ Be VERY careful with ATM short strikes - $223 current vs. $220 strike = TINY margin for error
🎯 Consider using HIGHER strikes ($230/$250) for more cushion
💀 Only allocate 2-5% of portfolio MAX - this is speculation, not investment
📊 Have exit plan BEFORE entering: Take profits at 50-60% of max gain
⏰ Monitor DAILY - ATM spreads require active management

Mark your calendar - Key dates:

📅 January 16, 2026 (Friday) - This spread expires! Will RDDT stay below $220?
📅 Early Q1 2025 - Reddit Answers AI search tool launch
📅 February 12, 2025 - Q4 2024 earnings report (expected $392.5M revenue)
📅 Q1 2025 - Machine translation expansion to 30+ countries

Final verdict: This $10.8M bear call spread represents institutional conviction that Reddit's post-IPO rally (344% gain!) is exhausted and the stock consolidates below $220 through mid-January. The fundamental thesis is SOUND—17x sales valuation, insider selling, lack of near-term catalysts, post-rally exhaustion. BUT the ATM short strike ($220 vs. $223 current) creates MINIMAL margin for error.

The $220-$240 strikes bracket a reasonable consolidation range, and with NO earnings catalyst before expiration, the odds favor range-bound trading. However, Reddit's compelling bull case (AI licensing, international growth, Reddit Answers) creates meaningful upside risk. This is a HIGH CONVICTION but HIGH RISK structure.

Stay sharp, manage risk, and may the theta be with you! 💪

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. Past performance doesn't guarantee future results. The Z-scores and unusual classifications reflect statistical analysis of recent trading patterns—they do not imply the trades will be profitable or that you should follow them. Bear call spreads with ATM short strikes carry extreme risk of loss. Always do your own research and consider consulting a licensed financial advisor before trading.

About Reddit, Inc.: Reddit is a social media platform where users engage in conversations and create communities, with a market cap of $42.2 billion, 97.2 million daily active users, and emerging AI data licensing revenue generating $130M+ annually from partnerships with Google and OpenAI.

RDDT Unusual Options Activity — 2025-12-03

Institutional flow on 2025-12-03

Trade Details

Gamma Analysis

Full Analysis