Whales with a lot of money to spend have taken a noticeably bearish stance on Southwest Airlines.
Looking at options history for Southwest Airlines (NYSE:LUV) we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 36% of the investors opened trades with bullish expectations and 63% with bearish.
From the overall spotted trades, 6 are puts, for a total amount of $266,837 and 5, calls, for a total amount of $193,623.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $35.0 to $45.0 for Southwest Airlines during the past quarter.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Southwest Airlines options trades today is 2337.6 with a total volume of 6,559.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Southwest Airlines's big money trades within a strike price range of $35.0 to $45.0 over the last 30 days.
Southwest Airlines Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LUV | PUT | SWEEP | BULLISH | 03/20/26 | $3.85 | $3.7 | $3.7 | $42.50 | $84.3K | 37 | 294 |
| LUV | CALL | SWEEP | BULLISH | 01/15/27 | $9.4 | $8.95 | $9.4 | $37.50 | $56.4K | 1.1K | 62 |
| LUV | CALL | TRADE | BEARISH | 03/20/26 | $3.1 | $2.95 | $2.99 | $42.50 | $53.8K | 1.4K | 212 |
| LUV | PUT | SWEEP | BULLISH | 01/16/26 | $2.33 | $2.24 | $2.24 | $42.50 | $49.0K | 49 | 306 |
| LUV | PUT | SWEEP | BEARISH | 12/19/25 | $0.37 | $0.37 | $0.37 | $40.00 | $43.1K | 670 | 2.4K |
About Southwest Airlines
Southwest Airlines is the largest domestic air carrier in the United States by passengers boarded. Southwest operates nearly 800 aircraft in an all-Boeing 737 fleet. Despite offering some longer routes and a few perks for business travelers, the airline predominantly specializes in short-haul, leisure flights operated in a single, open-seating cabin configuration in a point-to-point network. In early 2026, Southwest will modify its cabins to offer some rows with extra legroom and will update its ticketing process and merchandising to offer assigned seats and more fare categories, including a basic economy class that will more directly compete with other airlines' offerings and appear for the first time in travel aggregators' search results.
Present Market Standing of Southwest Airlines
- Trading volume stands at 8,219,526, with LUV's price up by 2.0%, positioned at $41.55.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 48 days.
What The Experts Say On Southwest Airlines
5 market experts have recently issued ratings for this stock, with a consensus target price of $41.2.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Reflecting concerns, an analyst from BMO Capital lowers its rating to Market Perform with a new price target of $43. * In a cautious move, an analyst from UBS downgraded its rating to Neutral, setting a price target of $43. * An analyst from Morgan Stanley has decided to maintain their Overweight rating on Southwest Airlines, which currently sits at a price target of $48. * An analyst from Citigroup has revised its rating downward to Neutral, adjusting the price target to $38. * An analyst from Bernstein persists with their Market Perform rating on Southwest Airlines, maintaining a target price of $34.
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 Southwest Airlines options trades with real-time alerts from Benzinga Pro.
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