Puts Rolled on Life Time Fitness (LTM)

Shares of Life Time Fitness Inc. LTM ended the session lower by 6.71%, trading at $32.25. The stock has been trading largely sideways for the past three months, but appears to be breaking out of that range—lower. Options traders are favoring the put side today. A put roll was detected in the shares, where the July $40 put was sold for $6.73, nearly 2,000 times, and the August $35 put was purchased, an equal number of times, for $4.08. This represents a long put holder taking profits on their position, yet remaining levered to downside in the name via higher gamma exposure (over double). Life Time Fitness, Inc. operates sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment under the LIFE TIME FITNESS and LIFE TIME ATHLETIC brands. As of February 26, 2010, the company operated 86 centers primarily in suburban locations in 19 states and 24 markets.