Deep-pocketed investors have adopted a bullish 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 10 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 60% leaning bullish and 30% bearish. Among these notable options, 3 are puts, totaling $175,695, and 7 are calls, amounting to $572,255.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $1.0 to $5.0 for Spirit Airlines over the recent 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 $1.0 to $5.0 in the last 30 days.
Spirit Airlines Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SAVE | CALL | SWEEP | BEARISH | 10/25/24 | $1.03 | $0.98 | $0.98 | $2.00 | $208.9K | 4.1K | 7.6K |
| SAVE | CALL | SWEEP | BULLISH | 10/25/24 | $1.0 | $0.85 | $1.0 | $2.00 | $208.4K | 4.1K | 4.7K |
| SAVE | PUT | SWEEP | BULLISH | 01/15/27 | $0.74 | $0.72 | $0.72 | $1.00 | $67.7K | 2.6K | 2.2K |
| SAVE | PUT | TRADE | BULLISH | 01/17/25 | $5.0 | $3.0 | $3.2 | $5.00 | $59.2K | 22.6K | 185 |
| SAVE | PUT | SWEEP | BEARISH | 01/17/25 | $3.25 | $3.2 | $3.25 | $5.00 | $48.7K | 22.6K | 540 |
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.
Having examined the options trading patterns of Spirit Airlines, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Spirit Airlines Standing Right Now?
- Trading volume stands at 66,118,790, with SAVE's price up by 45.26%, positioned at $3.06.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 13 days.
Expert Opinions on Spirit Airlines
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $1.5.
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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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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