Spirit Airlines Options Trading: A Deep Dive into Market Sentiment

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 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 8 options trades for Spirit Airlines.

This isn't normal.

The overall sentiment of these big-money traders is split between 87% bullish and 12%, bearish.

Out of all of the options we uncovered, 7 are puts, for a total amount of $2,434,087, and there was 1 call, for a total amount of $45,900.

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 $30.0 for Spirit Airlines, spanning the last three months.

Volume & Open Interest Trends

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 $5.0 to $30.0 in the last 30 days.

Spirit Airlines Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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 2,842,582, the price of SAVE is down -0.46% at $6.56.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 68 days.

What The Experts Say On Spirit Airlines

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $4.0.

• An analyst from Citigroup has revised its rating downward to Sell, adjusting the price target to $4.
• Maintaining their stance, an analyst from Citigroup continues to hold a Sell rating for Spirit Airlines, targeting a price of $4.

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.