Deep-pocketed investors have adopted a bearish approach towards Spirit Airlines SAVE, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SAVE usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 19 extraordinary options activities for Spirit Airlines. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 52% bearish. Among these notable options, 10 are puts, totaling $720,434, and 9 are calls, amounting to $830,456.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $7.5 to $22.5 for Spirit Airlines during the past quarter.
Insights into Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Spirit Airlines's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Spirit Airlines's whale activity within a strike price range from $7.5 to $22.5 in the last 30 days.
Spirit Airlines Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SAVE | CALL | SWEEP | BULLISH | 01/19/24 | $15.00 | $252.7K | 9.2K | 949 |
| SAVE | PUT | TRADE | BULLISH | 01/19/24 | $10.00 | $176.0K | 31.5K | 1.0K |
| SAVE | PUT | SWEEP | BULLISH | 01/19/24 | $15.00 | $164.3K | 10.2K | 791 |
| SAVE | PUT | TRADE | BEARISH | 01/19/24 | $12.50 | $143.0K | 12.2K | 537 |
| SAVE | CALL | SWEEP | BEARISH | 01/19/24 | $12.50 | $141.2K | 7.3K | 258 |
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.
In light of the recent options history for Spirit Airlines, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Spirit Airlines Standing Right Now?
- Currently trading with a volume of 3,275,081, the SAVE's price is up by 4.48%, now at $15.63.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 63 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Spirit Airlines with Benzinga Pro for real-time alerts.
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