Investors with a lot of money to spend have taken a bullish stance on Spirit Airlines SAVE.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SAVE, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for Spirit Airlines.
This isn't normal.
The overall sentiment of these big-money traders is split between 66% bullish and 33%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $54,600, and 7 are calls, for a total amount of $498,465.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $5.0 and $10.0 for Spirit Airlines, spanning the last three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Spirit Airlines's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Spirit Airlines's significant trades, within a strike price range of $5.0 to $10.0, over the past month.
Spirit Airlines Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SAVE | CALL | TRADE | BULLISH | 01/17/25 | $10.00 | $104.8K | 4.3K | 1.2K |
| SAVE | CALL | TRADE | BULLISH | 01/17/25 | $10.00 | $104.7K | 4.3K | 53 |
| SAVE | CALL | SWEEP | BULLISH | 01/17/25 | $10.00 | $103.9K | 4.3K | 1.8K |
| SAVE | CALL | SWEEP | BEARISH | 03/08/24 | $8.00 | $59.6K | 15 | 1.5K |
| SAVE | CALL | SWEEP | BEARISH | 03/08/24 | $8.00 | $49.0K | 15 | 7.6K |
About Spirit Airlines
Spirit Airlines Inc serves the United States, Latin America, and Caribbean as an airline operator. It primarily offers customers unbundled base fares to strip out any unneeded travel amenities. If needed, a customer can elect for additional options at an extra charge. Flight crews are entirely interchangeable across all aircraft, and maintenance and other support services are simplified due to not having an overly complex fleet. The company has one operating segment, air transportation, owing to its system wide route structure. It may decide to expand its network if a market is underserved or overpriced. The majority of revenue is derived from the United States.
Spirit Airlines's Current Market Status
- With a volume of 6,465,335, the price of SAVE is up 0.95% at $6.35.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 7 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Spirit Airlines options trades with real-time alerts from Benzinga Pro.
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