Spirit Airlines Option Alert: Jan 19 $20 Calls Sweep (9) near the Ask: 370 @ $1.77 vs 62691 OI; Ref=$12.66
Portfolio Pulse from Charles Gross
There was a notable options trading activity on Spirit Airlines, where a sweep of 370 calls for the $20 strike price expiring on January 19th was executed near the ask price at $1.77. This is compared to an open interest of 62,691 for the option. The underlying stock reference price at the time was $12.66.

November 20, 2023 | 3:21 pm
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Spirit Airlines saw a sweep of January 19th $20 call options, indicating a bullish sentiment among traders. This could suggest expectations of a potential increase in Spirit's stock price in the short term.
The purchase of call options in a sweep indicates that a trader or group of traders are betting on a potential increase in the price of Spirit Airlines' stock. The fact that these calls were bought near the ask price suggests they were eager to enter the position, which could be interpreted as a bullish signal. However, the impact on the stock price will depend on whether the market aligns with this sentiment.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80