Investors with a lot of money to spend have taken a bearish 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 this is an institution or just a wealthy individual, we don't know. But when something this big happens with SAVE, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 11 options trades for Spirit Airlines.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.
Out of all of the options we uncovered, 10 are puts, for a total amount of $932,051, and there was 1 call, for a total amount of $42,500.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $2.5 to $5.0 for Spirit Airlines over the recent three months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Spirit Airlines options trades today is 20385.25 with a total volume of 31,075.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Spirit Airlines's big money trades within a strike price range of $2.5 to $5.0 over the last 30 days.
Spirit Airlines Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SAVE | PUT | SWEEP | BEARISH | 01/17/25 | $2.16 | $2.0 | $2.16 | $5.00 | $263.5K | 14.0K | 2.9K |
| SAVE | PUT | SWEEP | BEARISH | 01/17/25 | $2.14 | $2.09 | $2.14 | $5.00 | $164.7K | 14.0K | 3.3K |
| SAVE | PUT | TRADE | BULLISH | 01/17/25 | $0.67 | $0.63 | $0.64 | $2.50 | $128.0K | 66.5K | 2.2K |
| SAVE | PUT | SWEEP | BEARISH | 01/17/25 | $2.16 | $2.15 | $2.16 | $5.00 | $112.3K | 14.0K | 1.5K |
| SAVE | PUT | SWEEP | BEARISH | 01/17/25 | $2.15 | $2.14 | $2.15 | $5.00 | $78.2K | 14.0K | 5.3K |
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.
After a thorough review of the options trading surrounding Spirit Airlines, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Spirit Airlines Standing Right Now?
- Trading volume stands at 8,506,240, with SAVE's price up by 11.98%, positioned at $3.81.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 83 days.
What The Experts Say On Spirit Airlines
5 market experts have recently issued ratings for this stock, with a consensus target price of $3.37.
- Maintaining their stance, an analyst from TD Cowen continues to hold a Hold rating for Spirit Airlines, targeting a price of $4.
- Maintaining their stance, an analyst from Citigroup continues to hold a Sell rating for Spirit Airlines, targeting a price of $3.
- An analyst from TD Cowen has decided to maintain their Hold rating on Spirit Airlines, which currently sits at a price target of $3.
- An analyst from Susquehanna has decided to maintain their Negative rating on Spirit Airlines, which currently sits at a price target of $3.
- Maintaining their stance, an analyst from Deutsche Bank continues to hold a Hold rating for Spirit Airlines, targeting a price of $3.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Spirit Airlines, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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