Spirit Airlines Sees Unusually High Options Volume (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) was the recipient of unusually large options trading on Wednesday. Traders acquired 49,624 call options on the company. This is an increase of approximately 122% compared to the average daily volume of 22,357 call options.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds have recently bought and sold shares of SAVE. Signaturefd LLC lifted its holdings in Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after purchasing an additional 4,443 shares in the last quarter. Natixis lifted its stake in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after buying an additional 2,815 shares in the last quarter. Wellington Wealth Strategies LLC. acquired a new stake in Spirit Airlines in the 1st quarter worth about $68,000. First Bank & Trust purchased a new stake in Spirit Airlines during the 1st quarter worth approximately $70,000. Finally, High Note Wealth LLC purchased a new position in shares of Spirit Airlines in the first quarter valued at approximately $73,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Citigroup lowered their price objective on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Bank of America lowered their price objective on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research report on Wednesday, July 17th. TD Cowen cut Spirit Airlines from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Susquehanna lowered their price target on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research report on Wednesday, October 9th. Finally, Barclays lowered their price target on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Seven research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $2.50.

Spirit Airlines Stock Down 21.4 %

Shares of SAVE opened at $2.42 on Friday. The company has a market capitalization of $265.04 million, a price-to-earnings ratio of -0.44 and a beta of 1.38. Spirit Airlines has a 52 week low of $1.40 and a 52 week high of $17.01. The stock’s 50-day moving average price is $2.35 and its 200-day moving average price is $3.10. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company’s revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, sell-side analysts predict that Spirit Airlines will post -6.96 EPS for the current year.

Spirit Airlines Company Profile

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.