Apple Inc. (NASDAQ: AAPL) stock dropped over 20% from its Jan. 25 high of $251.28 during a two-month-long tech rout. Although Apple has rebounded slightly over the last two weeks, some options traders are betting a bigger move to the upside is on the horizon after rumours have been swirling around an Apple car. The Apple Trades: At 9:40 a.m. Wednesday, a trader executed a call sweep of 476 Apple options with a $125 strike price expiring on May 21. The trade represented a $207,800 bullish bet for which the trader paid $4.45 per option contract. At 9:54 a.m., a trader executed a call sweep of 294 Apple options with a $120 strike price expiring on April 23. The trade represented a $135,200 bullish bet for which the trader paid $4.60 per option contract. At 10:05 a.m., a trader executed a call sweep of 200 Apple options with a $45 strike price expiring on July 16. The trade represented a $190,300 bullish bet for which the trader paid $9.52 per option contract. At 10:16 a.m., a trader executed a call sweep of 1,500 Apple options with a $125 strike price expiring on June 17. The trade represented a $2.39-million bullish bet for which the trader paid $15.95 per option contract. At 10:44 a.m., a trader executed a call sweep of 150 Apple options with a $120 strike price expiring on July 17. The trade represented a $143,300 bullish bet for which the trader paid $9.55 per option contract. Together, traders are betting over $3.06 million the share price of Apple is going higher. Why It’s Important: When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately. These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position. What Apple Has Going For It: On Wednesday, UBS analyst David Vogt upgraded Apple from Neutral to Buy and increased the price target from $115 to $142. Apple has a strong platform to enter into the electric vehicle market with a branded battery, and there are reports Apple is looking for a partner in the automotive sector. On Wednesday, Apple also announced it has invested $50 million into UnitedMaster, an artist services company that helps musical artists to retain their copywrites while distributing and marketing their music. The move may eventually see an integration of UnitedMaster with Apple Music. AAPL Price Action: Shares of Apple gained 1.88% in Wednesday’s session, closing at $122.15. Photo courtesy of Apple. See more from BenzingaClick here for options trades from BenzingaApple Launches Teacher Portfolio, Updates Learning AppsFacebook Teases Technology That Allows Your Brain To Control A Computer© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.