Snap Inc SNAP shares are up 7 percent in the past week, but at least one large option trader is betting there’s even more upside ahead.

The Trades

A buyer first purchased 5,915 Snap call options at an $12 strike price that expire on June 7. The calls were bought above the ask price at 30 cents and represent a $177,450 bullish bet. Prior to the large trade, the open interest for the June 7 Snap $12 calls was only 1,615 contracts.

Two minutes later, potentially the same trader sold 884 Snap call options at a $12 strike price that expire on July 19. The calls were sold at the bid price of 87 cents and represent a $76,907 bearish bet.

Finally, roughly 40 minutes after the initial Snap options trade, a buyer purchased 500 Snap call options at an $11 strike price that expire on July 19. The calls were purchased at the ask price of $1.601 and represent an $80,050 bullish bet on Snap.

Even traders that focus exclusively on stocks watch the options market closely to gain insight into what options traders may be thinking. Due to the relative complexity of options trading, options traders are often seen as more advanced than the typical stock trader. Many of these options traders are institutions or wealthy individuals that may have a unique take on a company.

Music A Catalyst?

The bullish trading in Snap options comes a week after Wall Street Journal reported Snap is in talks with record labels to add more streaming music options to its platform. In April, Snap also rolled out its brand new redesigned Android app.

Given the timing of the first two trades and the nearly identical size of the second and third trades, it’s likely Thursday’s options trading action all came from the same buyer. The trader appears to have added a new bullish near-term position with his June 7 call purchase and then rotated a second bullish position in July 19 Snap calls from a $12 strike price to an $11 strike price.

Unfortunately, it’s impossible to be 100 percent certain if an option trade is a hedge or not. Stockholders often use call options to hedge against a larger bearish stock position. Given the Snap option trades’ relatively small size, they’re unlikely to be a hedge in this case.