Investors Buy Large Volume of Spirit Airlines Call Options (NYSE:SAVE)

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

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors and hedge funds have recently made changes to their positions in SAVE. Vanguard Group Inc. raised its position in shares of Spirit Airlines by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after acquiring an additional 68,710 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Spirit Airlines during the first quarter worth $142,000. First Bank & Trust bought a new stake in shares of Spirit Airlines during the first quarter worth $70,000. BNP Paribas Financial Markets raised its position in shares of Spirit Airlines by 2,369.9% during the first quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock worth $3,552,000 after acquiring an additional 704,134 shares during the last quarter. Finally, High Note Wealth LLC bought a new stake in shares of Spirit Airlines during the first quarter worth $73,000. Institutional investors own 58.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SAVE. Bank of America lowered their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Citigroup lowered their price target on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Barclays decreased their target price on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. TD Cowen cut Spirit Airlines from a “hold” rating to a “sell” rating and decreased their target price for the company from $3.00 to $2.00 in a research note on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft lowered Spirit Airlines from a “hold” rating to a “sell” rating and decreased their price target for the company from $3.00 to $2.00 in a research report on Monday, July 8th. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $2.50.

Spirit Airlines Trading Up 45.7 %

Shares of SAVE opened at $3.08 on Thursday. The stock has a fifty day moving average price of $2.34 and a two-hundred day moving average price of $3.10. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. Spirit Airlines has a 52-week low of $1.40 and a 52-week high of $17.49. The company has a market cap of $336.77 million, a price-to-earnings ratio of -0.50 and a beta of 1.38.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. Analysts predict that Spirit Airlines will post -6.96 EPS for the current fiscal year.

About Spirit Airlines

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.