A whale with a lot of money to spend has taken a noticeably bullish stance on Spirit Airlines.
Looking at options history for Spirit Airlines (NYSE:SAVE) we detected 17 strange trades.
If we consider the specifics of each trade, it is accurate to state that 52% of the investors opened trades with bullish expectations and 47% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $105,842 and 14, calls, for a total amount of $794,066.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $35.0 for Spirit Airlines over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Spirit Airlines options trades today is 4041.22 with a total volume of 38,037.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Spirit Airlines's big money trades within a strike price range of $20.0 to $35.0 over the last 30 days.
Spirit Airlines Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SAVE | CALL | SWEEP | BULLISH | 01/20/23 | $20.00 | $192.5K | 12.1K | 412 |
| SAVE | CALL | SWEEP | BULLISH | 06/17/22 | $22.50 | $132.7K | 2.7K | 448 |
| SAVE | CALL | SWEEP | BULLISH | 03/18/22 | $25.00 | $71.6K | 8.0K | 1.0K |
| SAVE | CALL | TRADE | BEARISH | 06/17/22 | $22.50 | $50.0K | 2.7K | 0 |
| SAVE | CALL | TRADE | BEARISH | 06/17/22 | $20.00 | $47.9K | 893 | 150 |
Where Is Spirit Airlines Standing Right Now?
- With a volume of 31,042,983, the price of SAVE is up 18.09% at $25.66.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 0 days.
What The Experts Say On Spirit Airlines:
- Susquehanna downgraded its action to Neutral with a price target of $25
- Barclays has decided to maintain their Overweight rating on Spirit Airlines, which currently sits at a price target of $38.
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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.
