Stock Traders Purchase High Volume of Spirit Airlines Call Options (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVEGet Free Report) was the target of unusually large options trading activity on Tuesday. Investors acquired 116,616 call options on the stock. This represents an increase of approximately 53% compared to the typical volume of 76,037 call options.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SAVE shares. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Citigroup cut their price target on shares of Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a report on Tuesday. Susquehanna cut their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a report on Wednesday, May 8th. Barclays started coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price target for the company. Finally, Bank of America started coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. Five analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $3.57.

Get Our Latest Stock Analysis on Spirit Airlines

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. American Century Companies Inc. increased its stake in shares of Spirit Airlines by 88.2% during the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock worth $10,333,000 after purchasing an additional 293,517 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Spirit Airlines by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company’s stock worth $16,903,000 after purchasing an additional 37,019 shares in the last quarter. Alpine Associates Management Inc. boosted its position in Spirit Airlines by 29.7% during the third quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock worth $31,424,000 after acquiring an additional 436,486 shares during the last quarter. FMR LLC boosted its position in Spirit Airlines by 1.3% during the third quarter. FMR LLC now owns 5,296,283 shares of the company’s stock worth $87,389,000 after acquiring an additional 67,977 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Spirit Airlines by 0.3% during the third quarter. Vanguard Group Inc. now owns 10,350,193 shares of the company’s stock worth $170,778,000 after acquiring an additional 34,883 shares during the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.

Spirit Airlines Trading Down 9.6 %

Shares of Spirit Airlines stock opened at $4.06 on Thursday. Spirit Airlines has a 12-month low of $3.18 and a 12-month high of $19.69. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. The stock has a market cap of $444.57 million, a PE ratio of -0.91 and a beta of 1.41. The company has a 50-day moving average of $4.24 and a two-hundred day moving average of $8.65.

Spirit Airlines (NYSE:SAVEGet Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the business earned ($0.82) earnings per share. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. On average, research analysts anticipate that Spirit Airlines will post -3.11 EPS for the current fiscal year.

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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