JP Morgan slashes price target on Spirit Airlines Inc. [SAVE] – find out why.

Spirit Airlines Inc. [NYSE: SAVE] stock went on a downward path that fall over -3.82% on Wednesday, amounting to a one-week price increase of more than 12.66%. The company report on October 29, 2020 that Spirit Airlines Reports Third Quarter 2020 Results.

Spirit Airlines, Inc. (NYSE: SAVE) today reported third quarter 2020 financial results.

Ended the third quarter 2020 with $2.1 billion of unrestricted cash, cash equivalentsand short-term investment securities .

Over the last 12 months, SAVE stock dropped by -48.76%. The one-year Spirit Airlines Inc. stock forecast points to a potential upside of 3.0. The average equity rating for SAVE stock is currently 2.70, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $1.92 billion, with 97.68 million shares outstanding and 97.21 million shares in the current float. Compared to the average trading volume of 8.95M shares, SAVE stock reached a trading volume of 8162972 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Spirit Airlines Inc. [SAVE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SAVE shares is $20.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SAVE stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Spirit Airlines Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on October 30, 2020. The new note on the price target was released on October 08, 2020, representing the official price target for Spirit Airlines Inc. stock. Previously, the target price had yet another raise from $14 to $19, while JP Morgan kept a Neutral rating on SAVE stock.

The Average True Range (ATR) for Spirit Airlines Inc. is set at 1.24, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.84. The Price to Book ratio for the last quarter was 0.75, with the Price to Cash per share for the same quarter was set at 20.72.

SAVE Stock Performance Analysis:

Spirit Airlines Inc. [SAVE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.66. With this latest performance, SAVE shares gained by 19.75% in over the last four-week period, additionally plugging by 133.73% over the last 6 months – not to mention a drop of -48.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SAVE stock in for the last two-week period is set at 57.24, with the RSI for the last a single of trading hit 58.80, and the three-weeks RSI is set at 56.79 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 17.21, while it was recorded at 19.30 for the last single week of trading, and 18.64 for the last 200 days.

Insight into Spirit Airlines Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Spirit Airlines Inc. [SAVE] shares currently have an operating margin of +13.55 and a Gross Margin at +17.57. Spirit Airlines Inc.’s Net Margin is presently recorded at +8.75.

Return on Total Capital for SAVE is now 10.45, given the latest momentum, and Return on Invested Capital for the company is 7.14. Return on Equity for this stock inclined to 16.00, with Return on Assets sitting at 5.25. When it comes to the capital structure of this company, Spirit Airlines Inc. [SAVE] has a Total Debt to Total Equity ratio set at 157.34. Additionally, SAVE Total Debt to Total Capital is recorded at 61.14, with Total Debt to Total Assets ending up at 48.08. Long-Term Debt to Equity for the company is recorded at 140.56, with the Long-Term Debt to Total Capital now at 54.62.

Reflecting on the efficiency of the workforce at the company, Spirit Airlines Inc. [SAVE] managed to generate an average of $37,509 per employee. Receivables Turnover for the company is 53.77 with a Total Asset Turnover recorded at a value of 0.60.Spirit Airlines Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.90 and a Current Ratio set at 1.90.

SAVE Stock EPS

With the latest financial reports released by the company, Spirit Airlines Inc. posted 1.24/share EPS, while the average EPS was predicted by analysts to be reported at 1.22/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 1.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SAVE.

Spirit Airlines Inc. [SAVE] Insider Position Details

There are presently around $960 million, or 50.60% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 7,712,974, which is approximately 21.241% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 6,248,535 shares of the stock with an approximate value of $121.22 million in SAVE stocks shares; and FMR LLC, currently with $119.89 million in SAVE stock with ownership of nearly -39.296% of the company’s market capitalization.

Positions in Spirit Airlines Inc. stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 116 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 10,392,767 shares. Additionally, 106 investors decreased positions by around 18,431,236 shares, while 39 investors held positions by with 20,650,967 shares. The mentioned changes placed institutional holdings at 49,474,970 shares, according to the latest SEC report filing. SAVE stock had 46 new institutional investments in for a total of 1,308,997 shares, while 51 institutional investors sold positions of 5,066,199 shares during the same period.

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