Spirit Airlines Inc. [SAVE] stock Downgrade by Evercore ISI analyst, price target now $28


Spirit Airlines Inc. [NYSE: SAVE] stock went on a downward path that fall over -9.36% on Monday, amounting to a one-week price decrease of less than -16.93%. The company report on May 2, 2022 that Spirit Airlines Board of Directors Reiterates Support for Merger with Frontier Airlines.

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Board Unanimously Determined JetBlue Proposal Does Not Constitute a ‘Superior Proposal’.

Company Intends to Continue Advancing Toward Completion of Transaction with Frontier Airlines.

Over the last 12 months, SAVE stock dropped by -38.61%. The one-year Spirit Airlines Inc. stock forecast points to a potential upside of 31.61. The average equity rating for SAVE stock is currently 2.40, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.40 billion, with 108.45 million shares outstanding and 108.16 million shares in the current float. Compared to the average trading volume of 5.63M shares, SAVE stock reached a trading volume of 9714475 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 $31.29 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 2.40. 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.

Evercore ISI have made an estimate for Spirit Airlines Inc. shares, keeping their opinion on the stock as In-line, with their previous recommendation back on April 06, 2022. While these analysts kept the previous recommendation, Wolfe Research raised their target price to Peer Perform. The new note on the price target was released on February 15, 2022, representing the official price target for Spirit Airlines Inc. stock. Previously, the target price had yet another drop from $31 to $25, while Susquehanna kept a Neutral rating on SAVE stock.

The Average True Range (ATR) for Spirit Airlines Inc. is set at 1.14, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.74. The Price to Book ratio for the last quarter was 1.10, with the Price to Cash per share for the same quarter was set at 12.81.

SAVE Stock Performance Analysis:

Spirit Airlines Inc. [SAVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.93. With this latest performance, SAVE shares dropped by -2.15% in over the last four-week period, additionally sinking by -2.06% over the last 6 months – not to mention a drop of -38.61% 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 33.42, with the RSI for the last a single of trading hit 22.91, and the three-weeks RSI is set at 39.52 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 23.37, while it was recorded at 23.90 for the last single week of trading, and 23.94 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 -13.35 and a Gross Margin at -9.25. Spirit Airlines Inc.’s Net Margin is presently recorded at -14.63.

Return on Equity for this stock declined to -21.66, with Return on Assets sitting at -5.16.

Spirit Airlines Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.40.

Spirit Airlines Inc. [SAVE] Insider Position Details

There are presently around $1,447 million, or 63.20% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 9,787,189, which is approximately 0.552% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 8,168,581 shares of the stock with an approximate value of $174.81 million in SAVE stocks shares; and APOLLO MANAGEMENT HOLDINGS, L.P., currently with $93.96 million in SAVE stock with ownership of nearly 48.344% of the company’s market capitalization.

Positions in Spirit Airlines Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 127 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 13,229,218 shares. Additionally, 119 investors decreased positions by around 14,459,341 shares, while 48 investors held positions by with 39,935,668 shares. The mentioned changes placed institutional holdings at 67,624,227 shares, according to the latest SEC report filing. SAVE stock had 48 new institutional investments in for a total of 4,472,751 shares, while 55 institutional investors sold positions of 4,148,769 shares during the same period.