Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) saw some unusual options trading on Tuesday. Stock investors purchased 116,616 call options on the stock. This represents an increase of 53% compared to the typical daily volume of 76,037 call options.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Tuesday, May 7th. TD Cowen decreased their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Tuesday, May 7th. Susquehanna lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a "negative" rating for the company in a research note on Wednesday, May 8th. Seaport Res Ptn cut Spirit Airlines from a "buy" rating to a "neutral" rating in a research note on Wednesday, January 17th. Finally, Bank of America initiated coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an "underperform" rating and a $5.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, Spirit Airlines has an average rating of "Reduce" and an average target price of $3.57.
Get Our Latest Stock Analysis on SAVE
Spirit Airlines Trading Up 2.3 %
Shares of SAVE traded up $0.10 during mid-day trading on Tuesday, reaching $4.49. 17,436,684 shares of the company's stock traded hands, compared to its average volume of 13,706,843. Spirit Airlines has a 12 month low of $3.18 and a 12 month high of $19.69. The stock has a market cap of $491.66 million, a P/E ratio of -1.09 and a beta of 1.41. The stock's 50-day moving average is $4.28 and its two-hundred day moving average is $8.76. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.97 and a quick ratio of 0.97.
Spirit Airlines (NYSE:SAVE - Get Free Report) last released its quarterly earnings results on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted ($0.82) earnings per share. The company's revenue was down 6.2% on a year-over-year basis. Research analysts forecast that Spirit Airlines will post -3.11 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of SAVE. Wellington Wealth Strategies LLC. acquired a new stake in Spirit Airlines during the 1st quarter worth $68,000. Natixis lifted its stake in Spirit Airlines by 29.1% in the first quarter. Natixis now owns 12,480 shares of the company's stock valued at $60,000 after buying an additional 2,815 shares during the last quarter. Edgestream Partners L.P. boosted its position in Spirit Airlines by 16.3% during the 1st quarter. Edgestream Partners L.P. now owns 52,002 shares of the company's stock worth $252,000 after acquiring an additional 7,306 shares during the period. Patten & Patten Inc. TN acquired a new position in Spirit Airlines during the 1st quarter valued at about $244,000. Finally, Vanguard Group Inc. boosted its position in shares of Spirit Airlines by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company's stock valued at $50,781,000 after purchasing an additional 73,044 shares in the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.
About Spirit Airlines
(
Get Free Report)
Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.
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