Spirit Airlines Inc. [SAVE] Stock trading around $21.63 per share: What’s Next?

Spirit Airlines Inc. [NYSE: SAVE] stock went on a downward path that fall over -1.28% on Thursday, amounting to a one-week price increase of more than 9.19%. The company report on October 27, 2022 that Spirit Airlines Reveals Latest Guest Experience Investment with Enhanced, Wider Seats.

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Cabin enhancements boost comfort while maintaining Spirit’s industry-leading commitment to affordable travel.

The new wider seats include more cushion, new headrests and reaffirms the additional usable legroom created by curved seatback designs.

Over the last 12 months, SAVE stock dropped by -2.44%. The one-year Spirit Airlines Inc. stock forecast points to a potential upside of 20.62. The average equity rating for SAVE stock is currently 2.80, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.30 billion, with 108.70 million shares outstanding and 108.40 million shares in the current float. Compared to the average trading volume of 1.72M shares, SAVE stock reached a trading volume of 2579980 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 $27.25 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 2.80. 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.

Citigroup have made an estimate for Spirit Airlines Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 30, 2022. While these analysts kept the previous recommendation, Cowen dropped their target price from $40 to $30. The new note on the price target was released on August 01, 2022, representing the official price target for Spirit Airlines Inc. stock. Previously, the target price had yet another drop from $30 to $29, while JP Morgan kept a Underweight rating on SAVE stock. On June 10, 2022, analysts increased their price target for SAVE shares from 24 to 30.

The Average True Range (ATR) for Spirit Airlines Inc. is set at 0.77, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.54. The Price to Book ratio for the last quarter was 1.26, with the Price to Cash per share for the same quarter was set at 12.27.

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 9.19. With this latest performance, SAVE shares gained by 6.97% in over the last four-week period, additionally sinking by -11.46% over the last 6 months – not to mention a drop of -2.44% 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 60.63, with the RSI for the last a single of trading hit 69.39, and the three-weeks RSI is set at 55.08 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 21.45, while it was recorded at 21.15 for the last single week of trading, and 22.55 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 1.00 and a Current Ratio set at 1.00.

Spirit Airlines Inc. [SAVE] Insider Position Details

There are presently around $1,596 million, or 68.50% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 9,987,821, which is approximately 0.526% of the company’s market cap and around 0.42% of the total institutional ownership; BLACKROCK INC., holding 7,551,687 shares of the stock with an approximate value of $163.34 million in SAVE stocks shares; and FMR LLC, currently with $130.53 million in SAVE stock with ownership of nearly 8.675% 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 131 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 14,738,601 shares. Additionally, 124 investors decreased positions by around 17,459,619 shares, while 35 investors held positions by with 41,592,383 shares. The mentioned changes placed institutional holdings at 73,790,603 shares, according to the latest SEC report filing. SAVE stock had 53 new institutional investments in for a total of 7,088,970 shares, while 52 institutional investors sold positions of 7,960,341 shares during the same period.


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