MKM Partners slashes price target on Spirit Airlines Inc. [SAVE] – find out why.


Spirit Airlines Inc. [NYSE: SAVE] jumped around 0.97 points on Tuesday, while shares priced at $23.45 at the close of the session, up 4.31%. The company report on December 14, 2021 that Spirit Airlines Giving Memphis Travelers More Convenient, Nonstop Opportunities to Soar.

Spirit Airlines to launch with nonstop service to Las Vegas, Orlando, and Los Angeles in 2022.

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Bright yellow planes will soon be flying into the Home of the Blues for the first time as Spirit Airlines (NYSE: SAVE) today announced the addition of Memphis to its route map, launching three daily, nonstop routes to Las Vegas (LAS) and Orlando (MCO) in April 2022, followed by Los Angeles (LAX) in June 2022. Memphis will be the second Tennessee airport Spirit serves following its entrance into Nashville in 2019.

Spirit Airlines Inc. stock is now 7.32% up from its year-to-date (YTD) trading value. SAVE Stock saw the intraday high of $23.50 and lowest of $22.88 per share. The company’s 52-week high price is 40.77, which means current price is +6.83% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 4.78M shares, SAVE reached a trading volume of 5181149 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $33.00 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 2.50. 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.

MKM Partners have made an estimate for Spirit Airlines Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 03, 2022. The new note on the price target was released on December 13, 2021, representing the official price target for Spirit Airlines Inc. stock.

The Average True Range (ATR) for Spirit Airlines Inc. is set at 1.00, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.94. The Price to Book ratio for the last quarter was 1.16, with the Price to Cash per share for the same quarter was set at 14.95. Price to Free Cash Flow for SAVE in the course of the last twelve months was 8.80 with Quick ratio for the last quarter at 1.60.

How has SAVE stock performed recently?

Spirit Airlines Inc. [SAVE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.08. With this latest performance, SAVE shares gained by 9.12% in over the last four-week period, additionally sinking by -19.30% over the last 6 months – not to mention a drop of -1.64% 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 57.83, with the RSI for the last a single of trading hit 63.70, and the three-weeks RSI is set at 54.29 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 22.65, while it was recorded at 22.37 for the last single week of trading, and 28.39 for the last 200 days.

Spirit Airlines Inc. [SAVE]: Deeper insight into the fundamentals

Spirit Airlines Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 1.60.

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Insider trade positions for Spirit Airlines Inc. [SAVE]

There are presently around $1,558 million, or 64.90% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 9,733,488, which is approximately 0.502% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 8,952,936 shares of the stock with an approximate value of $201.26 million in SAVE stocks shares; and FMR LLC, currently with $143.59 million in SAVE stock with ownership of nearly 0.395% of the company’s market capitalization.

102 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 11,569,725 shares. Additionally, 146 investors decreased positions by around 10,597,831 shares, while 55 investors held positions by with 47,116,967 shares. The mentioned changes placed institutional holdings at 69,284,523 shares, according to the latest SEC report filing. SAVE stock had 35 new institutional investments in for a total of 4,377,772 shares, while 60 institutional investors sold positions of 4,049,851 shares during the same period.