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Snap shares draw bullish options bets after slipping below IPO price

FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017.

Lucas Jackson/File Photo

NEW YORK (Reuters) - Options traders were placing bets this week that shares of Snap Inc (SNAP.N) were primed for a rebound after slipping below their initial public offering price of $17.

Shares of the Snapchat parent have slumped since a red-hot March IPO, falling below their initial sale price on Monday and hitting a record low of $15.21 two days later after a lead underwriter downgraded its rating on the stock.

Traders in the options market have responded to the latest drop in Snap shares as an opportunity to load up on call options, said Fred Ruffy, analyst at...