why Spirit Airlines Inc. [SAVE] is a Good Choice for Investors After New Price Target of $30.67


Spirit Airlines Inc. [NYSE: SAVE] traded at a high on 07/28/22, posting a 5.60 gain after which it closed the day’ session at $25.66. The company report on July 27, 2022 that Spirit Announces Termination of Merger Agreement with Frontier.

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Spirit Airlines, Inc. (“Spirit” or the “Company”) (NYSE:SAVE) today announced that it has terminated the merger agreement with Frontier Group Holdings, Inc. (“Frontier”) (NASDAQ: ULCC), parent company of Frontier Airlines, Inc.

“While we are disappointed that we had to terminate our proposed merger with Frontier, we are proud of the dedicated work of our Team Members on the transaction over the past many months,” said Ted Christie, President and CEO of Spirit Airlines. “Moving forward, the Spirit Board of Directors will continue our ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our stockholders.”.

The results of the trading session contributed to over 9981409 shares changing hands. Over the past one week, the price volatility of Spirit Airlines Inc. stands at 3.41% while the volatility over the past one month is 3.27%.

The market cap for SAVE stock reached $2.81 billion, with 108.58 million shares outstanding and 108.16 million shares in the current float. Compared to the average trading volume of 3.86M shares, SAVE reached a trading volume of 9981409 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 $30.67 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 June 10, 2022. The new note on the price target was released on April 06, 2022, representing the official price target for Spirit Airlines Inc. stock. On January 13, 2022, analysts decreased their price target for SAVE shares from 31 to 25.

The Average True Range (ATR) for Spirit Airlines Inc. is set at 0.96, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.75. The Price to Book ratio for the last quarter was 1.45, with the Price to Cash per share for the same quarter was set at 12.34.

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 5.77. With this latest performance, SAVE shares gained by 12.45% in over the last four-week period, additionally plugging by 19.91% over the last 6 months – not to mention a drop of -10.00% 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 62.78, with the RSI for the last a single of trading hit 66.96, and the three-weeks RSI is set at 60.01 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 22.49, while it was recorded at 24.27 for the last single week of trading, and 22.78 for the last 200 days.

Spirit Airlines Inc. [SAVE]: Deeper insight into the 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 1.10 and a Current Ratio set at 1.10.

Insider trade positions for Spirit Airlines Inc. [SAVE]

There are presently around $1,974 million, or 71.20% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 9,935,537, which is approximately 1.516% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 7,090,197 shares of the stock with an approximate value of $181.93 million in SAVE stocks shares; and FMR LLC, currently with $142.49 million in SAVE stock with ownership of nearly 38.65% of the company’s market capitalization.

Positions in Spirit Airlines Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 122 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 19,169,845 shares. Additionally, 122 investors decreased positions by around 10,338,613 shares, while 49 investors held positions by with 47,413,897 shares. The mentioned changes placed institutional holdings at 76,922,355 shares, according to the latest SEC report filing. SAVE stock had 48 new institutional investments in for a total of 9,311,327 shares, while 47 institutional investors sold positions of 2,394,171 shares during the same period.